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RBS Braces for No-Deal Brexit, Seeks German Banking License

In a move to prepare itself against no-deal Brexit, The Royal Bank of Scotland PLC RBS applied for a German banking license to make sure that the company can freely trade across the region. Per the article, RBS plans to convert the current Frankfurt branch into a regional “payments hub” that will be able to process and settle euro-denominated payments, and give loans to large German clients along with taking in deposits. Early December 2018, the bank disclosed that it had put forth request to the regulators to allow it move about £6 billion of assets and £7 billion of liabilities to NatWest. This is expected to impact nearly 30% of customers in NatWest markets. In case a deal is struck between Britain and EU, the transfer of assets would be a slower process and be “subject to further political developments,” per the bank.

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