Court approves RBS asset transfer to Dutch hub as Brexit looms

Court approves RBS asset transfer to Dutch hub as Brexit looms
FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo   -  Copyright  Neil Hall(Reuters)
By Reuters

(Reuters) – Royal Bank of Scotland said the Court of Session in Scotland approved its plans to move billions of pounds worth of assets to the Netherlands in March to avoid disruption if Britain crashes out of the European Union without a deal.

The state-controlled bank said in December that it had applied to the courts to move 6 billion pounds of assets and 7 billion pounds of liabilities to its Dutch subsidiary NatWest Markets N.V.

The proposed plan impacts about 30 percent of NatWest Markets’ customers who are located in the European Economic Area.

RBS said on Friday that certain existing transactions for some European Economic Area customers will transfer from NatWest Markets Plc to the Dutch hub on a date between March 23 March and Dec. 31.

“The flexibility of Phase 2 is designed to take advantage of any transitional period or other possible outcomes of the Brexit negotiations,” it said.

(Reporting by Noor Zainab Hussain in Bengaluru, editing by Huw Jones)

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