Can anyone elaborate what passporting means in this case? I don't think that was explained in that article. I'm assuming that it has something to do with transferring funds from one country to another?
In that context it means when a bank is regulated in one of the countries in the single market (UK in EU), it can operate without regulatory concern in all the countries there. It is understandable that certain operations will inevitably be moved to a city in the heart of EU instead of staying in London.
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[ 3.2 ms ] story [ 35.0 ms ] thread1. Copy the web link above. Stick it into Google
2. select the dropdown next to 'www.ft.com › Companies › Financials › Banks' which for me brings up a 'cached' link.
3. Click on the 'Cached' link and you should see the article