Royal Bank of Scotland (RBS) is advancing plans to transfer billions of pounds worth of assets to the Netherlands next March is Britain departs from the European Union (EU) without a deal.
The state-controlled bank said it had applied to the courts to move £6bn of assets and £7bn of liabilities to its Dutch subsidiary NatWest Markets NV.
The transfer of all the assets and liabilities will take place in March unless a deal is reached with the EU, and then could “be more gradual and subject to further political developments”, the bank said.
The proposal will impact approximately 30 per cent of NatWest Markets’ customers who are located in the European Economic Area.
Latest News
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories