Triodos has been granted a UK banking licence to operate as a subsidiary company, wholly owned by Triodos Bank NV, which will become effective immediately after midnight on 1 May 2019.
Like all financial services companies across Europe, Triodos Bank has operated in the UK under a ‘passporting’ regime, but the event of Brexit means this may not continue. However, a legal transfer of the business of the UK branch of Triodos Bank NV to Triodos Bank UK Ltd has been approved by the UK High Court of Justice using a Part VII transfer mechanism under the Financial Services and Markets Act 2000. The Part VII will enable Triodos Bank to transfer existing contractual relationships without the need for ‘repapering’ (re-issuing) every contract.
The result is that Triodos will continue to provide ‘green’ banking services in the UK.
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