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RBS applies for German banking licence ahead of Brexit

The state-owned bank is the latest financial services company to set up an EU hub in response to Brexit. Lloyds Banking Group is to set up three subsidiaries in Berlin, Frankfurt and Luxembourg, while Barclays is expanding its Dublin office. It would also allow RBS to maintain its ties to Germany's central bank and continue benefiting from passporting rights that give financial services firms cross-border access to EU clients. No jobs are expected to be moved through the plan, but 12 positions will be created in Frankfurt. Some 37 UK based financial institutions have applied to the European Central Bank for new licences, or to extend existing ones, ahead of Brexit.

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