Banking Union Progress Important for EU Put up Brexit, UBS Chair Says

The European Union must make progress on its long-mooted push to unify its banking and capital markets now it may not depend on the Metropolis of London, in keeping with UBS Group AG Chairman Colm Kelleher.

Britain’s departure from the EU has stripped the bloc of its foremost middle for market proficiency, expertise and experience, Kelleher mentioned at an occasion at Bloomberg Home in Davos on Wednesday, describing it as one of many tragedies of Brexit. “Europe itself is basically a closed market – so it has to seek out its approach with out Britain,” he mentioned.