{"id":5773,"date":"2018-12-24T15:49:32","date_gmt":"2018-12-24T15:49:32","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/rbs-applies-for-german-banking-licence-ahead-of-brexit\/"},"modified":"2018-12-24T15:49:32","modified_gmt":"2018-12-24T15:49:32","slug":"rbs-applies-for-german-banking-licence-ahead-of-brexit","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/rbs-applies-for-german-banking-licence-ahead-of-brexit\/","title":{"rendered":"RBS applies for German banking licence ahead of Brexit"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"RBS\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/1499F\/production\/_104938348_gettyimages-1005194764.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">Royal Bank of Scotland has applied for a German banking licence to help it retain clients in the European Union in the event of a no-deal Brexit. <\/p>\n<p>The move applies to all its subsidiaries, but would only affect NatWest, which trades across the bloc. <\/p>\n<p>RBS, which already has a Dutch licence, said it would allow it to continue operating freely across the EU.<\/p>\n<p>The state-owned bank is the latest financial services company to set up an EU hub in response to Brexit. <\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-39524662\" class=\"story-body__link\">Bank urges Brexit &#8216;contingency plans&#8217;<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-43199979\" class=\"story-body__link\">Brexit prompts Credit Suisse to move jobs<\/a><\/li>\n<\/ul>\n<p>Lloyds Banking Group is to set up three subsidiaries in Berlin, Frankfurt and Luxembourg, while Barclays is expanding its Dublin office.<\/p>\n<p>Under the plan, RBS will upgrade its current branch in Frankfurt with a new licensed unit.<\/p>\n<p>It will be responsible for processing and settling euro-denominated payments and offering loans to large German companies.<\/p>\n<p>It would also allow RBS to maintain its ties to Germany&#8217;s central bank and continue benefiting from passporting rights that give financial services firms cross-border access to EU clients.<\/p>\n<p>No jobs are expected to be moved through the plan, but 12 positions will be created in Frankfurt. <\/p>\n<p>Some 37 UK based financial institutions have applied to the European Central Bank for new licences, or to extend existing ones, ahead of Brexit. <\/p>\n<p>Of these, 30 have chosen Frankfurt as their European base, with about \u20ac800bn (\u00a3711bn) of assets expected to be moved to the city before Britain quits the bloc on 29 March 2019. <\/p>\n<p>Earlier in December, RBS announced it is to shift \u00a313bn worth of business to the Netherlands in the event of a no-deal Brexit.<\/p>\n<p>About a third of the customers for its investment banking unit, NatWest Markets, will move to the lender&#8217;s new Dutch subsidiary by 4 March.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46673440\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Royal Bank of Scotland has applied for a German banking licence to help it retain clients in the European Union in the event of a no-deal Brexit. The move applies to all its subsidiaries, but would only affect NatWest, which trades across the bloc. RBS, which already has a Dutch licence, &hellip; <\/p>\n","protected":false},"author":0,"featured_media":5774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5773"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/5774"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}