Royal Bank of Scotland (RBS) has unveiled plans to make Amsterdam as its hub for European investment banking operations after Britain’s departure from the European Union.
RBS said that it is planning to relocate 150 NatWest Markets employees to the Dutch city, with the relocation estimated to cost “tens of millions of pounds”.
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The Dutch city emerged as an ideal choice as RBS already has a trading licence in the Netherlands, a legacy from its acquisition of ABN Amro.
The bank is currently in advanced talks with the Dutch national bank to use its local banking licence to continue operating its NatWest Markets arm.
“NatWest Markets has reviewed ways to minimise disruption to the business and continue to serve its customers well in the event of any loss of EU passporting.
“Should the outcome of the current EU separation negotiations make it necessary, NatWest Markets is ensuring our existing RBS N.V. banking licence in the Netherlands is operationally ready,” RBS said in a statement.
Meanwhile, the bank reported a profit of £939m in the first half of 2017, compared to a loss of £2.04bn in the year ago half.
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