Fineco Bank pulling out of the UK

SouthLondonUser

@wmb194 7 days of weighted average life. Super-short. I see now. makes sense. Thank you for clarifying, very useful

@friolento Bunq does not open accounts for UK residents. In fact, I suspect no EU bank will open accounts to UK residents post Brexit. https://together.bunq.com/d/49757-bunq-in-uk

Lions_89

N26 used the same excuse, in reality I suspect their UK business was not viable. Brexit may have threw a spanner in the works but it wasn't the fundamental cause. 

Triodos obtained a UK license. 

Section62

Lions_89 said:

N26 used the same excuse, in reality I suspect their UK business was not viable. Brexit may have threw a spanner in the works but it wasn't the fundamental cause. 

Does anyone know the dates of Fineco's decisions to i) start up and ii) expand in the UK market relative to -

a) The 2016 referendum

b) Our formal withdrawal from the EU on 31 January 2020.

I'm wondering if this might give us any insight into Fineco's decision making processes?

SouthLondonUser

It's not necessarily an "excuse". I can't understand how so many people feel it that way. Is it because they are die-hard Brexiteers who want to deny the negative consequences of their beautiful Brexit??

It makes perfect sense that a foreign business would decide to exit the UK market if Brexit makes the cost of doing business here much higher.

Lions_89

Section62 said:

Lions_89 said:

N26 used the same excuse, in reality I suspect their UK business was not viable. Brexit may have threw a spanner in the works but it wasn't the fundamental cause. 

Does anyone know the dates of Fineco's decisions to i) start up and ii) expand in the UK market relative to -

a) The 2016 referendum

b) Our formal withdrawal from the EU on 31 January 2020.

I'm wondering if this might give us any insight into Fineco's decision making processes?

As with N26, I believe they started up in 2017.

Lions_89

SouthLondonUser said:

It's not necessarily an "excuse". I can't understand how so many people feel it that way. Is it because they are die-hard Brexiteers who want to deny the negative consequences of their beautiful Brexit??

It makes perfect sense that a foreign business would decide to exit the UK market if Brexit makes the cost of doing business here much higher.

This isn't a political forum.....

In the case of N26 even financial experts were sceptical of the Brexit reasoning. For Fineco I really have no idea. But it's clear it wasn't as successful as they had hoped. 

SouthLondonUser

No, Fineco started in 1999 https://en.wikipedia.org/wiki/FinecoBank

wmb194

Lions_89 said:

Section62 said:

Lions_89 said:

N26 used the same excuse, in reality I suspect their UK business was not viable. Brexit may have threw a spanner in the works but it wasn't the fundamental cause. 

Does anyone know the dates of Fineco's decisions to i) start up and ii) expand in the UK market relative to -

a) The 2016 referendum

b) Our formal withdrawal from the EU on 31 January 2020.

I'm wondering if this might give us any insight into Fineco's decision making processes?

As with N26, I believe they started up in 2017.

Yes, a quick Google throws up late 2017 in the UK with multi-currency and brokerage - I opened my account in 2019 - but the big push in the UK was apparently in 2020 where it expanded into Sipps and Isas. From the second link below it's stated that the marketing for this push cost €7m.

An old saw in investing is that managers will say that when good things happen it's always down to their brilliance but if things go badly, as they have here, it's always the fault of external factors.

https://www.ilsole24ore.com/art/fineco-prepara-sbarco-gran-bretagna-ed-esclude-ma-AC0rjlIB?refresh_ce=1

https://www.ilsole24ore.com/art/fineco-foti-2020-anno-successo-distribuiremo-cedole-appena-possibile-ADNhTH1

https://en.wikipedia.org/wiki/FinecoBank

First article:



Second article:

ivormonee

The point I was making at the start was that I am unaware of any other bank (not electronic money institution) that is available in the UK which offers EURO accounts with an EU IBAN.

Fineco did exactly this and there appears to be nobody else. Fineco's departure would mean such an account will no longer be available in the UK so they provided a unique and valuable service.

wmb194

SouthLondonUser said:

No, Fineco started in 1999 https://en.wikipedia.org/wiki/FinecoBank

That was in Italy and it was an existing bank that was renamed. 2017 in the UK.