(Alliance News) - The board of directors of FinecoBank Spa on Friday resolved to close its business in the UK market.

"This decision follows the significant change in the regulatory environment in the United Kingdom following the exit from the European Union. In the new environment, it would no longer be possible to maintain a business capital light model, leveraging Fineco's Italian infrastructure," the company explained in a note.

"The bank currently provides all its services in the UK from its Italian office, within a regulatory framework known as the Temporary Regime, which is permitted until December 2023. This model has allowed the Bank to maintain a simple and efficient structure-an approach that is no longer viable as regulatory developments require a physical presence in the UK."

The closure of UK operations will be gradual with no disruption to customers and no material impact on the Bank's numbers.

On Friday, Fineco closed 0.4 percent in the red at EUR11.84 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.