NatWest will transfer its headquarters out of Scotland soon after 294 several years if the region turns into unbiased, main govt Alison Rose has explained.
Ms Rose explained the bailed-out lender would be pressured to act due to the fact it is simply far too huge for the Scottish economy to guidance. The financial institution – which past year improved its title from Royal Financial institution of Scotland – holds all around £770bn of belongings, nearly five situations Scotland’s GDP.
In her initial substantive remarks on the prospective break-up of the Union since using cost of the lender in 2019, Ms Rose explained: “In the function that there was independence for Scotland our stability sheet would be far too huge for an unbiased Scottish economy.
“And so we would transfer our registered headquarters, in the function of independence, to London.”
The warning comes times ahead of Scots go to the polls to elect a new devolved governing administration, with the SNP trying to find a mandate for a second independence referendum.
Ms Rose added: “We are neutral on the issue of Scottish independence. It can be a thing for the Scottish people to make your mind up.”
NatWest employs far more than 10,000 people north of the border, with the the vast majority primarily based in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in 100 acres of woodland on the website of a previous psychiatric institution.
It also lends far more than £5m a working day to Scottish homes and corporations.
A NatWest spokesman explained any transform in the bank’s registered headquarters would have no implications on its offices, staff or customers.
The bank’s previous management said ahead of the 2014 Scottish independence referendum that a of course vote would force them to transfer its head office to London. On the other hand, Ms Rose has explained little on the issue till now.
The transfer will also raise issues about rival Lloyds Banking Group, which has been registered in Scotland due to the fact its merger with HBOS in 2009. A supply at the lender explained is was too early to speculate about any transform.
Scottish Conservative finance spokesman Murdo Fraser explained RBS’s warning “starkly confirms the really authentic penalties for Scottish careers and business if Nicola Sturgeon ever receives her way”.