BRENTWOOD, England - As of February 1, Ford Credit Europe’s (FCE) businesses in Belgium and the Netherlands are operating as finance companies. The new finance companies will ensure continued support for Ford, its dealers and customers after Brexit, if the UK leaves the European Union (EU) as planned on March 29. Previously, the locations had operated as branches of the UK-based bank.
“This is another milestone in our Brexit contingency planning following the launch of Ford Bank GmbH in Germany last summer,” FCE CEO Charles Bilyeu wrote in an email to employees. “I thank everyone in both locations, the Brexit team and Warley central office for the hard work and dedication that have made these successful launches possible.”
Employees in Warley, UK, and the Manchester Business Center will continue to support the business across Europe after Brexit. FCE’s UK business and its subsidiaries in the Czech Republic, Hungary and Switzerland will use their current licenses after Brexit.
Employees in other FCE locations are working to launch additional finance companies or third-country branches so FCE can continue to support Ford’s sales across Europe after Brexit.
· A finance company is a standalone local entity regulated by the country where it is based. Ford Credit operates as a finance company in several markets, including the United States.
· A third-country branch is an FCE branch regulated in the EU country where it is based. “Third-country” is an EU term for a country outside the EU. Many banks headquartered outside the EU have third-country branches in the EU.