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RBS joins fellow UK banks in expanding EU operations

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  • Economy
  • 2 months ago
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Given the current situation surrounding Brexit, several UK banks and financial institutions have applied to the European Central Bank for renewal of their licenses.

RBS (Royal Bank of Scotland) has applied to have a license in Germany as it seeks to continue assisting EU clients, having already a license which enables it to operate in the Netherlands where it has already planned to move £13 billion worth of business should a no-deal become a reality.

Other banks like the Lloyds Banking Group are aiming to have three subsidiaries in Berlin, Frankfurt and Luxembourg.

Barclays meanwhile is stepping up its personnel at tis Dublin office.

A total of 37 UK banks have chosen Frankfurt as their EU hub and a figure of around €800 billion in assets will be moved to the German city before the Brexit saga is closed come March of next year.

 

 

Source: Smart Trend Team