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RBS takes legal steps for next Scottish independence vote

Bank has added another layer to complex restructuring process driven by ringfencing rules

RBS-Building-Royal Bank Scotland Scottish 700x450

Royal Bank of Scotland has started to legally prepare for the prospect of another referendum on Scottish independence.

The Sunday Times reports the bank is moving its Scottish customers into a separate subsidiary, with the arm operating under a historic licence used by its private banking business Adam & Co.

The work is being carried out as part of RBS’s compliance with ring-fencing rules which require banks to split retail banking from their investment arms.

RBS is said to have opted for an additional layer of restructuring in the event of a Yes vote to Scottish independence in the future, in what is already a complex legal process to comply with ring-fencing requirements.

Scotland’s first minister initially called for a second referendum on independence to be held in either autumn next year or spring 2019. The new target date for another vote is 2021.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I predict it will be a lot earlier than that Possibly May 2018 as well as Wales and Northern Ireland

  2. Wherefore goeth Coutts ? and the other arms of RBS ? Wales, USA ? Far East ? or Glasgow?

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