19th Sep 2014 07:49
LONDON (Alliance News) - Royal Bank Of Scotland Group PLC Friday said its contingency plans to move its registered office to England are no longer needed, but Lloyds Banking Group PLC refused to rule out a future relocation despite Scotland voting 'No' to independence.
The news comes after First Minister of Scotland Alex Salmond conceded defeat in the independence referendum. However, he said he expects the three largest political parties at Westminster to deliver on promises of more power for Scotland, which could have constitutional and political consequences for the rest of the UK.
RBS said: "The announcement we made about moving our registered head office to England was part of a contingency plan to ensure certainty and stability for our customers, staff and shareholders should there be a 'Yes' vote. That contingency plan is no longer required. Following the result it is business as usual for all our customers across the UK and RBS."
Although Lloyds declined to comment on the contingency plans it had established prior to the referendum, a spokesman said: "Lloyds Banking Group has maintained a neutral stance in this debate as we believe the decision was to be solely a matter for the people of Scotland."
"The group is proud of its strong Scottish heritage and remains committed to having a significant presence in Scotland. We remain fully focused on supporting households and businesses in Scotland as well as right across the rest of the UK," the Lloyds spokesman added.
Although RBS is registered and headquartered in Edinburgh, Lloyds is already headquartered in London but it is registered in Edinburgh.
Standard Life, another FTSE 100 financial services group that made contingency plans in the build-up to the referendum, recognised that further constitutional change is "very likely" following the 'No' vote.
"We will consider the implications of any changes for our customers and other stakeholders in our business to ensure their interests are represented and protected. As a large company based in Scotland, Standard Life is ready to contribute to this process," Standard Life said in a statement.
"It is now important that we all move forward with respect and work together constructively in the best interests of Scotland and the United Kingdom," Standard Life said.
"We've got no plans to move any parts of our business out of Scotland," a Standard Life spokesman told Alliance News.
The group said it is proud of its Scottish heritage and will continue to build from those roots.
Lloyds shares were Friday quoted up 1.9% at 77.47 pence, while RBS shares were up 3.6% at 370.10p. Standard Life shares were up 1.4% at 421.30p.
By Samuel Agini; [email protected]; @samuelagini
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