Royal Bank of Scotland has confirmed that it will relocate its registered business headquarters from Edinburgh to London in the event that the Scottish public vote for independence next week.
In a statement, the bank said that it had “undertaken contingency planning for the possible business implications of a ‘Yes’ vote” and decided that “it would be necessary to re-domicile the Bank’s holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England”.
However, RBS continued to say that it would still “retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank” after a vote for independence, and said that the referendum “is a matter for the Scottish people”
The bank’s chief executive also told staff that there was no intention to move operations or jobs in an internal memo.
RBS has been based in Scotland since 1727.
Lloyds Bank, which owns Bank of Scotland and Clydesdale Bank has also said that in the event of a Yes vote they would move their registered address from Scotland to London, where it currently has its headquarters.
