The BoE said it would publish an update on its regulatory approach to preparations for Britain's departure from the EU at 1 p.m. (1200 GMT).

More than 100 banks operating in London are branches of lenders based elsewhere in the EU and they will have to submit licence applications to continue working in Britain after Brexit. In December, the BoE said EU banks needed to submit applications from January.

(Writing by William Schomberg. Editing by Andrew MacAskill)