May 18, 2024

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NatWest to move headquarters if Scotland votes for independence

NatWest will transfer its headquarters out of Scotland following 294 a long time if the country gets unbiased, main executive Alison Rose has claimed.

Ms Rose claimed the bailed-out lender would be pressured to act due to the fact it is simply just way too big for the Scottish economy to help. The loan company – which very last 12 months improved its identify from Royal Financial institution of Scotland – holds about £770bn of assets, pretty much 5 occasions Scotland’s GDP.

In her very first substantive remarks on the prospective crack-up of the Union since using charge of the lender in 2019, Ms Rose claimed: “In the event that there was independence for Scotland our harmony sheet would be way too big for an unbiased Scottish economy.

“And so we would transfer our registered headquarters, in the event of independence, to London.”

The warning arrives days in advance of Scots go to the polls to elect a new devolved governing administration, with the SNP trying to get a mandate for a 2nd independence referendum. 

Ms Rose extra: “We are neutral on the difficulty of Scottish independence. It really is anything for the Scottish men and women to make a decision.”

NatWest employs much more than 10,000 men and women north of the border, with the majority based mostly in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in one hundred acres of woodland on the internet site of a previous psychiatric establishment.

It also lends much more than £5m a day to Scottish homes and companies. 

A NatWest spokesman claimed any transform in the bank’s registered headquarters would have no implications on its offices, employees or shoppers.

The bank’s previous management said in advance of the 2014 Scottish independence referendum that a yes vote would force them to transfer its head office to London. Nonetheless, Ms Rose has claimed little on the difficulty until now.

The transfer will also raise concerns about rival Lloyds Banking Group, which has been registered in Scotland considering the fact that its merger with HBOS in 2009. A source at the lender claimed is was too early to speculate about any transform. 

Scottish Conservative finance spokesman Murdo Fraser claimed RBS’s warning “starkly confirms the incredibly true repercussions for Scottish jobs and organization if Nicola Sturgeon at any time receives her way”.