7th Dec 2018 07:00
LONDON (Alliance News) - Royal Bank of Scotland Group PLC has applied to shift European clients of its NatWest Market business to its Dutch subsidiary as part of plans to deal with major market moves following vote on Theresa May's Brexit withdrawal deal next Tuesday, The Guardian reported Thursday.
The bank has lodged an application at Scotland's supreme civil court to transfer European clients of its NatWest Market business to its Dutch subsidiary.
According to the newspaper, RBS is planning to shift around 30% of the investment bank's customers out of the UK as part of contingency plans in the event of a no-deal Brexit.
The bank confirmed to the newspaper that it will shift around GBP6 billion worth of client assets and GBP7 billion in liabilities from its UK business to its new EU hub in Amsterdam.
The court hearing to approve RBS's client transfer plan is set for February 22, 2019, The Guardian reported.
https://www.theguardian.com/business/2018/dec/06/rbs-braces-for-no-deal-brexit-by-shifting-13bn-to-netherlands
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