11th September 2014
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.”