Non-European Union banks should be allowed to set up two holding companies for their subsidiaries in the bloc, states a Council of the European Union working document seen by Risk.net. In addition, the requirement to establish an “intermediate parent undertaking” should apply only to banks with €30 billion ($35 billion) or more in EU assets.
US and Japanese banks in particular have been arguing that their home rules, requiring a separation of retail and corporate from wholesale banking, would
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