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RBS says it will move to England in case of Scottish independence

The Royal Bank of Scotland is 81% owned by the British state.

Image: Andrew Matthews via Press Association Images

ROYAL BANK OF Scotland has confirmed that it will move its registered offices to England if Scotland votes for independence from Britain in next week’s referendum.

In a statement the state-owned lender said that in the event of a “Yes” vote in the historic poll on September 18, “RBS believes it would be necessary to re-domicile the Bank’s holding company and its primary rated operating entity to England”.

RBS, bailed out by the British government following the 2008 financial crisis, joins state-rescued Lloyds Banking Group in announcing plans on possibly switching key operations to England from Scotland.

“In response to press speculation in relation to re-domicile, The Royal Bank of Scotland Group confirms that… 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,” RBS said in its statement.

For this reason, RBS has undertaken contingency planning for the possible business implications of a ‘Yes’ vote. RBS believes that this is the responsible and prudent thing to do and something that its customers, staff and shareholders would expect it to do.

The Royal Bank of Scotland is 81% owned by the British state after it was rescued with £45.5 billion (€57 billion) of taxpayer money during the global financial crisis in the world’s biggest ever bank bailout.

- © AFP, 2014 

Read: UK leaders take “unprecedented” step to boost Scottish campaign>

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