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Investec letter leaves deposit door ajar

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Accounts has said it might continue to offer deposit banking services here. Photo: Philip Toscano/PA

Accounts has said it might continue to offer deposit banking services here. Photo: Philip Toscano/PA

Accounts has said it might continue to offer deposit banking services here. Photo: Philip Toscano/PA

With Britain's Brexit deadline fast approaching, the Irish arm of South African bank Investec has left open the possibility that it could change its mind about handing back deposits to its Irish customers.

Last year the bank informed its almost 10,000 Irish retail and corporate deposit customers that, because it operates its deposit business here under a UK banking licence, it will no longer be able to hold a deposit book in Ireland.

The bank wrote to all of its Irish depositors last week confirming that all deposits held in their Investec account - along with any performance return - will be transferred to them on March 8.

But in the letter to the bank's Irish depositers - seen by the Sunday Independent - the South African bank said that should the EU and UK agree and put in place "transitional arrangements" prior to February 22, the bank might continue to offer deposit banking services here.

It said it will write to customers again to outline how this could change the situation regarding their deposit account.

Investec's corporate-finance, wealth-management, treasury, foreign-exchange and other specialist banking services will not be impacted by Brexit.

Sunday Indo Business