Royal Bank of Scotland (RBS) and Lloyds Banking Group both plan to move their headquarters to England if Scotland votes for independence.
“As part of such contingency planning, RBS believes 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,” says a statement from the company.
Scotland has been RBS’s home since 1727. The bank intends to retain a significant level of its operations and employment in Scotland to support its customers and activities there.
“We have contingency plans in place, which include the establishment of new principal legal entities in England,” says a Lloyds statement.
The bank says it’s a legal procedure, and there would be no immediate changes or issues that could affect its business or customers.
On Wednesday, Standard Life—which agreed to sell its Canadian operations to Manulife last week—said it would move some of its operations to England in the event of a “yes” vote.
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