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LONDON (Alliance News) - Financial services firms Friday said they will keep a wary eye on the operating environment in the UK, after voters in Scotland rejected independence but the three major political parties remained under pressure to deliver on their promise to devolve more power outside Westminster.
Royal Bank Of Scotland Group PLC 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.
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.
Other business leaders also were clear that the 'No' vote does not put an end to the debate on the future of Scotland and the UK.
"There can be no doubt that many businesses will breathe a sigh of relief that the prospect of a contentious currency debate and prolonged economic negotiations have been avoided, and yet we know that significant changes are still on the cards," Director General of the Institute of Directors Simon Walker said in a statement.
"As negotiations commence on a future settlement for Scotland, the focus must be on ensuring that any new powers are used to boost Scotland?s economic competitiveness, unleash enterprise and attract further investment," Walker said, adding that the UK is now at the beginning of a national debate about economic devolution.
Writing his weekly blog, Legal & General Group PLC Chief Executive Nigel Wilson said the biggest point about the Scottish vote is that the UK is moving closer to a more devolved, localist agenda under a loose, effectively federal, structure.
"I believe this is wholly positive, and it creates terrific opportunities for economic growth across the UK ? a means to narrow the gap between the success of London and that of regional hubs like Birmingham, Manchester, Glasgow, Cardiff, Leeds and Newcastle ? the widest divide in any developed country," Wilson wrote.
Meanwhile, Aberdeen Asset Management PLC Chief Executive Martin Gilbert said that UK investors will welcome the reduction in uncertainty that arose from the referendum debate, but cautioned that other areas of the world still present challenges.
"Tomorrow attention will turn again to the situation in Ukraine, the conflict in the Middle East and the fragile European economy," Gilbert said in an emailed statement.
But Gilbert said the result of the referendum means that both sides need to come together for the sake of the country's future.
"Scotland has long been a world leader in business sectors such as oil and gas, whisky and investment, and the task now is to grow the rest of the economy with the strong support of politicians of all parties," Gilbert said.
"As I've said before, whatever the outcome of the referendum, Scotland can have a prosperous future," Gilbert said.
Lloyds shares were Friday quoted up 0.9% at 76.58 pence, while RBS shares were up 3.0% at 368.00p. Standard Life shares were up 1.4% at 421.39p. Aberdeen Asset Management shares were up 0.4% at 437.30p, and Legal & General shares were up 1.2% at 241.60p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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