Bunq plots return to UK after leaving post-Brexit

ONE of Europe's biggest challenger banks is plotting a return to the UK, the Standard can reveal, in a sign that London remains an attractive financial hub for EU investors.

- Simon Hunt

Bunq, which is the second largest online bank in the EU with more than nine million customers and €4.5 billion in deposits, stopped offering new accounts in the UK at the end of 2020, citing Brexit-related red tape difficulties, while its German rival N26 closed all UK accounts and withdrew entirely.

But Amsterdam-based Bunq is now eyeing a comeback and is exploring ways to bring new customers on board.

The firm incorporated a new UK subsidiary in late November, Companies House filings show, with a registered office in Regent Street in the capital's central shopping district.

CEO Ali Niknam told the Standard: "Being both a hotspot for digital nomads and home to many Brits pursuing a digital nomad lifestyle, the UK is a key market for us.