NatWest to move headquarters if Scotland votes for independence

NatWest will move its headquarters out of Scotland immediately after 294 yrs if the nation gets to be unbiased, chief executive Alison Rose has explained.

Ms Rose explained the bailed-out financial institution would be forced to act mainly because it is simply just too significant for the Scottish economy to assistance. The lender – which final yr transformed its title from Royal Lender of Scotland – holds close to £770bn of property, nearly five situations Scotland’s GDP.

In her 1st substantive remarks on the prospective break-up of the Union since getting demand of the financial institution in 2019, Ms Rose explained: “In the occasion that there was independence for Scotland our equilibrium sheet would be too significant for an unbiased Scottish economy.

“And so we would move our registered headquarters, in the occasion of independence, to London.”

The warning comes times right before Scots go to the polls to elect a new devolved authorities, with the SNP looking for a mandate for a second independence referendum. 

Ms Rose added: “We are neutral on the concern of Scottish independence. It really is anything for the Scottish people today to make your mind up.”

NatWest employs more than 10,000 people today north of the border, with the vast majority dependent in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in 100 acres of woodland on the web page of a previous psychiatric institution.

It also lends more than £5m a working day to Scottish homes and organizations. 

A NatWest spokesman explained any adjust in the bank’s registered headquarters would have no implications on its offices, team or clients.

The bank’s previous management said right before the 2014 Scottish independence referendum that a of course vote would power them to move its head office to London. On the other hand, Ms Rose has explained minimal on the concern right until now.

The move will also elevate inquiries about rival Lloyds Banking Group, which has been registered in Scotland considering the fact that its merger with HBOS in 2009. A resource at the financial institution explained is was too early to speculate about any adjust. 

Scottish Conservative finance spokesman Murdo Fraser explained RBS’s warning “starkly confirms the very true implications for Scottish jobs and business if Nicola Sturgeon ever gets her way”.