British bank Lloyds is considering setting up up a subsidiary in the Netherlands or Germany to ensure it keeps access to the European payment system after Britain quits the EU, the Financial Times said on Wednesday.

The paper, which bases its claim on company sources, says the London-based bank is the only large British bank without a subsidiary in another EU country.

The bank’s chief executive Inga Beale told the BBC in September that Brexit is ‘a major issue for use to deal with’ and that leaving the EU could lead to a loss of 4% of its revenues.

The FT quotes a source as saying says the most likely option is to convert one of the two EU branches Lloyds has in Frankfurt and Amsterdam into a subsidiary. Lloyds declined to comment.