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Ford’s financing arm considers German move after Brexit

7th Mar 17 2:50 pm

What’s happening?

The financing arm at Ford is considering moving some of its operations to Germany, a move like this is likely to raise fresh questions over its UK workforce.

Employees at Ford Credit Europe (FCE), were recently told that the company has commissioned a project to examine the case for applying for a German banking licence.

This move would help the FCE remain serving its EU customers.

An enhanced operation in a remaining EU state is necessary for FCE to conduct business across Europe if the UK can no longer obtain access to the Continent’s financial services passporting regime.

The firm currently holds “passports” into 11 different European countries.

The news of this potential application to Germany comes just days after Ford confirmed that 1,100 jobs will disappear at its Bridgend engine plant in Wales by 2021.

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