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 a possible no-deal Brexit, the Guardian reported Thursday.
Were the UK to leave the EU on March 29 next year without an agreement, UK banks would be left without the right to do business across the EU.
RBS has lodged an application at Scotland's supreme civil court to transfer European clients of its NatWest Market business to its Dutch subsidiary. It 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, according to the Guardian.
The newspaper also reported that trading teams at Barclays PLC, NatWest Markets and JPMorgan are planning to extend working hours and bring in extra staff to deal with likely market volatility after the UK parliament votes on UK Prime Minister Theresa May's Brexit withdrawal deal on Tuesday next week.
https://www.theguardian.com/business/2018/dec/06/rbs-braces-for-no-deal-brexit-by-shifting-13bn-to-netherlands
Shares in RBS were trading 1.7% higher at 215.68 pence each on Friday morning.
Barclays (BARC)