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Challenger bank N26 to withdraw from UK market
Challenger bank N26 is to close all its UK accounts and cease operating in the British market, citing difficulties following Brexit.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
The Berlin-headquartered bank had made a significant marketing push in the UK after its launch and only started offering current accounts in the UK after the EU referendum.
The bank said that it will soon be unable to operate in the UK with its EU banking license and, as such, will have to leave.
It added that the "timing and framework" of the withdrawal agreement made it impossible to continue.
N26 was one of the smaller banks in the UK, with around 200,000 customers.
With the UK having left the EU, we will in due course be unable to operate in the UK with our EU banking license, so we will be leaving the UK and closing all accounts. We've made careful plans to support customers, and we are sorry to have to leave. (1/2)https://t.co/qqPZpoYwP7
— N26 (@n26) February 11, 2020
In a blog posted on its website, N26 said: “With the UK now having left the European Union, we will in due course be unable to operate in the UK with our European banking license. As a result, we will be leaving the UK and closing all accounts in the coming months.
“Looking ahead, we see ideal conditions for innovation and industry disruption in harmonized markets across Europe, alongside huge potential in large single markets like the US and others. We will naturally continue to focus on growing within the European Union, building our presence in the US, and developing our products further for customers around the world.”
Following its decision, UK accounts with N26 will continue to operate as normal until April 15, when the accounts will automatically be closed down after the balances have been withdrawn. Any remaining cash in UK accounts will be moved into holding accounts.
So N26 claim to be pulling out of the UK 'due to Brexit'. They launched here in Oct. 2018, over 2 years after Brexit vote and 6 months before Brexit was initially due to happen....
— Oscar Williams-Grut (@OscarWGrut) February 11, 2020
After receiving an email from @N26UK informing me my British account will be closed, signed up to @StarlingBank within ten minutes. Card comes Friday. Boom. N26, who?
— Jim Garner (@GarnerScript) February 11, 2020
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