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RBS 'contingency for London move' RBS confirms London move if Scotland votes Yes
(about 4 hours later)
Royal Bank of Scotland has confirmed it has made contingency plans to move its headquarters from Scotland to London if there is a Yes vote in the referendum. Royal Bank of Scotland confirms it will relocate to London if Scotland votes for independence next week.
A Treasury source told the BBC that it had discussed the plans with RBS. The bank said in a statement that it believed it would be "necessary to re-domicile the bank's holding company".
Lloyds Banking Group also said it could shift some of its business from Scotland, after customers contacted it for clarification on their finances. RBS says it intends to keep a "significant level" of jobs north of the border. The bank has been based in Scotland since 1727.
However, the banking group said it was just a legal procedure and "there would be no immediate changes or issues". Meanwhile Scotland's largest fund manager's boss said an independent Scotland would be a huge success.
Angus Grossart, chairman of merchant bank Noble Grossart, said that people should "not panic" following the decisions made by the two banks. He told the Financial Times that the impact of a Yes vote was "severely overstated". Martin Gilbert, chief executive of Aberdeen Asset Management said: "I think an independent Scotland would be a big success, but it is a secret ballot and I will abide by that.
"Most sensible people now accept that Scotland would be prosperous with either outcome in the current constitutional debate."
Companies are increasingly setting out their post-referendum contingency plans.
Lloyds Banking Group said it could shift some of its business from Scotland.
However, Lloyds said it was just a legal procedure and "there would be no immediate changes or issues".
The statement from Lloyds said: "Lloyds Banking Group has seen an increased level of enquiries from our customers, colleagues and other stakeholders about our plans post the Scottish referendum.The statement from Lloyds said: "Lloyds Banking Group has seen an increased level of enquiries from our customers, colleagues and other stakeholders about our plans post the Scottish referendum.
"While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England. This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers."While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England. This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers.
"There will be a period between the referendum and the implementation of separation, should a Yes vote be successful, that we believe is sufficient to take any necessary action.""There will be a period between the referendum and the implementation of separation, should a Yes vote be successful, that we believe is sufficient to take any necessary action."
Lloyds, in which the UK government has a 25% stake, owns Bank of Scotland and Halifax.Lloyds, in which the UK government has a 25% stake, owns Bank of Scotland and Halifax.
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The move of what Lloyds describes as "legal entities" indicates that the banking group is not suggesting there will be a mass relocation of its 16,000 Scottish-based staff. The move would simply mean that the bank would remain protected and regulated by the Bank of England.The move of what Lloyds describes as "legal entities" indicates that the banking group is not suggesting there will be a mass relocation of its 16,000 Scottish-based staff. The move would simply mean that the bank would remain protected and regulated by the Bank of England.
RBS, which employs 11,500 people in Scotland, has not yet issued a statement - although there are widespread reports that the bank will clarify the details later in the day. RBS employs 11,500 people in Scotland.
On Wednesday, insurance giant and pensions giant Standard Life said it was "planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so". Angus Grossart, chairman of merchant bank Noble Grossart, said that people should "not panic" following the decisions made by the two banks. He told the Financial Times that the impact of a Yes vote was "severely overstated".
BBC economics editor Robert Peston said that that if RBS, 81%-owned by the UK government, moved its head office and registered office to London it "would involve some jobs moving south".BBC economics editor Robert Peston said that that if RBS, 81%-owned by the UK government, moved its head office and registered office to London it "would involve some jobs moving south".
However, he said the situation with Lloyds was different: "Lloyds would move its legal home to its head office, which is already in London - and that's unlikely to have much impact on Scottish employment."However, he said the situation with Lloyds was different: "Lloyds would move its legal home to its head office, which is already in London - and that's unlikely to have much impact on Scottish employment."
A Treasury source told the BBC that it had discussed the plans with RBS.
'Overreaction''Overreaction'
On Wednesday, insurance giant and pensions giant Standard Life said it was "planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so".
Angus Grossart, chairman of merchant bank Noble Grossart, said that people should "not panic" following the decisions made by the two banks. He told the Financial Times that the impact of a Yes vote was "severely overstated".
Treasury Chief Secretary Danny Alexander told BBC2's Newsnight: "When a company like Standard Life says that it would, unfortunately, sadly, have to relocate its business to London that is not some sort of decision that they make lightly.Treasury Chief Secretary Danny Alexander told BBC2's Newsnight: "When a company like Standard Life says that it would, unfortunately, sadly, have to relocate its business to London that is not some sort of decision that they make lightly.
"They make it on the basis that they regard that as the best way to protect their customers under the new circumstances."They make it on the basis that they regard that as the best way to protect their customers under the new circumstances.
"When we hear Lloyds and other banks making clear that they would have to do the same, again that is not something that they say lightly. They say it having thought about it, having talked to their board and to the senior people in those companies.""When we hear Lloyds and other banks making clear that they would have to do the same, again that is not something that they say lightly. They say it having thought about it, having talked to their board and to the senior people in those companies."
First Minister Alex Salmond has described reports of banks moving out of Scotland as "nonsense" and "scaremongering".First Minister Alex Salmond has described reports of banks moving out of Scotland as "nonsense" and "scaremongering".
And Mr Grossart, one of the most senior figures in Scotland's financial establishment, said people were "overreacting" to the threats of exodus of firms.And Mr Grossart, one of the most senior figures in Scotland's financial establishment, said people were "overreacting" to the threats of exodus of firms.
"I think it is getting out of hand," he told the Financial Times. "To hear some of the comments you almost expect people to be predicting a plague of locusts or mice next.""I think it is getting out of hand," he told the Financial Times. "To hear some of the comments you almost expect people to be predicting a plague of locusts or mice next."
Do you bank with RBS or Lloyds Banking Group? What do you think of the plans? Please share your comments by emailing . Do you bank with RBS or Lloyds Banking Group? What do you think of the plans? Please share your comments by emailing.