NatWest to move headquarters if Scotland votes for independence

NatWest will move its headquarters out of Scotland following 294 yrs if the place results in being impartial, chief govt Alison Rose has explained.

Ms Rose explained the bailed-out bank would be forced to act simply because it is basically way too big for the Scottish economic system to help. The loan provider – which final year modified its name from Royal Bank of Scotland – holds all around £770bn of assets, nearly five situations Scotland’s GDP.

In her very first substantive remarks on the probable crack-up of the Union since getting charge of the bank in 2019, Ms Rose explained: “In the function that there was independence for Scotland our stability sheet would be way too big for an impartial Scottish economic system.

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

The warning comes times before 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 added: “We are neutral on the challenge of Scottish independence. It can be anything for the Scottish men and women to come to a decision.”

NatWest employs extra than ten,000 men and women north of the border, with the the greater part centered in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in 100 acres of woodland on the internet site of a former psychiatric institution.

It also lends extra than £5m a working day to Scottish households and companies. 

A NatWest spokesman explained any adjust in the bank’s registered headquarters would have no implications on its offices, staff or prospects.

The bank’s previous management said before the 2014 Scottish independence referendum that a of course vote would drive them to move its head office to London. Nevertheless, Ms Rose has explained minimal on the challenge until finally now.

The move will also increase concerns about rival Lloyds Banking Team, which has been registered in Scotland considering that its merger with HBOS in 2009. A supply at the bank explained is was too early to speculate about any adjust. 

Scottish Conservative finance spokesman Murdo Fraser explained RBS’s warning “starkly confirms the incredibly authentic consequences for Scottish work and company if Nicola Sturgeon ever receives her way”.