The U.K. is set to leave the European Union’s single market after the U.S. will withdraw from it, leaving banks with a new set of obligations, according to a new report.
Bloomberg said that a number of banks including Lloyds Banking Group, Lloyd Bank, UBS, Credit Suisse, HSBC, Barclays, BNP Paribas and UBS are set to lose some of their current market share as a result of the U-K.’s withdrawal.
Bloomberg reports that Lloyde Bank, Llobre, U.B. of Paris, UB Group, Bank of Nova Scotia, HSBC Group, Barclays Bank, Citigroup, Uysbank, RBS and Credit Supts.
The report notes that there are no specific restrictions on what kind of banking products banks can offer after Brexit, which could leave some in the industry with limited options.
Bloomberg also reported that some banks that previously provided financing to the U,K.
are expected to cut back.
In the meantime, some analysts are expecting that the Ubs banks to be able to continue lending to customers, but that the banks may have to do more to compete with new entrants.
“Banks need to be looking for ways to make more money, but they also need to think about the competitive advantages they might have,” said Paul Coughlan, chief global strategist at RBC Capital Markets.