LONDON (Reuters) – Royal Bank of Scotland and Lloyds Banking Group, both based in Edinburgh, announced that they would move their headquarters to London if they win the “yes” the referendum of 18 September on the independence of Scotland.
RBS confirmed in a statement Thursday its proposed move, stating that it would retain a significant portion of its operations and its staff to the north the new frontier.
RBS, 81% owned by the British state, explained and prepare for a victory for independence in the interests of its customers and its shareholders.
The bank is based since 1727 in Scotland, where it employs 11,500 people.
Lloyds, which has 16,000 employees on Scottish soil, announced on Wednesday evening that it was preparing also a victory for the “yes” that would lead it to take up residence in the British capital.
The two banks have emphasized the considerable risks they would pose to an independent Scotland, with major consequences including on funding and legal and tax situation.
The breakthrough of independence supporters in the polls begins to give cold sweats to the bankers and insurers whose Scottish wholesale customer is British.
The rating agency Standard & amp; Poor’s predicts that an independent Scotland would be unable to properly support its banks in the event of another financial crisis.
The cumulative assets of the three main Scottish banks, with the third Clydesdale, owned by National Australia Bank, are more than 12 times the gross domestic product of Scotland.
National Australia Bank announced that it also plans to repatriate its subsidiary in England if they win the “yes.”
The share prices of Scottish banks is monitored at the London Stock Exchange. The action RBS advanced 1.5% to 0800 GMT. Title Lloyds took around 1%.
(Matt Scuffham, Patrick Vignal for French Editing by Wilfrid Exbrayat)
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