RBS advances plans to shift billions to the Netherlands amid Brexit

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.

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