Royal Bank of Scotland confirms it will relocate to London if Scotland votes ‘yes’

11th September 2014

img

Taxpayer backed lender, Royal Bank of Scotland (RBS) will relocate its legal headquarters to London if the ‘Yes’ campaign in Scotland is successful.

In a statement issued today on the back of continued media speculation, the bank which is still 81% owned by the government said: “There are a number of material uncertainties arising from the Scottish referendum vote which could have a bearing on the Bank’s credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject.”

It added that as a result, the business, which has been located in Scotland since 1727, has therefore undertaken contingency planning for the possible business implications of a ‘Yes’ vote.

RBS said: “As part of such contingency planning, RBS believes that it would be necessary to re-domicile the Bank’s holding company and its primary rated operating entity to England.”

It asserted however that in the event of a ‘Yes’ vote, the decision to re-domicile should have no impact on everyday banking services used by its UK customers.

The statement continued: “The vote on independence is a matter for the Scottish people. RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole bank.”

Leave a Reply

Your email address will not be published. Required fields are marked *