Bob Lyddon’s comments re banking regulation costing UK banks business were recently published in Money Laundering:

“When a bank shuts down its office in a foreign country, it’s likely to become more dependent on correspondent banking [but] that is getting complicated.

For example, if a British bank wants to do business in an Asian country, staff will ask which correspondent bank [it is] allowed to deal with there. You can have a number of banks in mind, but head office may say, no, you can’t do businesses with that one or that one—or any.”

Read the full Money Laundering article here.