Royal Bank of Scotland will expand its Amsterdam office to serve customers in the EU if there is a hard Brexit, the bank announced as it reported a swing back into net profit in the second quarter.
The state-backed lender said it is planning to use its Dutch banking licence to continue operating its NatWest Markets business across Europe in the event that the ability to freely “passport” or sell financial services in the EU is lost
Ross McEwan, chief executive of RBS, said: “We already have a licence there that we can repurpose… and also a regulator that’s used to dealing with businesses of that nature….it’s not going to be a large operation, purely to serve UK customers who need to operate in European Union and vice versa…we don’t want any disruption to that.”
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