RBS headquarters may move to UK, Carney says

11th Mar 2014 15:06

Bank of England (BoE) Governor Mark Carney on Tuesday said the Royal Bank of Scotland (RBS) might have to move its headquarters to England if Scotland becomes independent.Scotland will vote on whether to leave the UK and join the European Union (EU) at a September 18th referendum. Carney noted that EU law stipulated it would need to guarantee deposits in England and Scotland where many have their largest customer bases."It is not clear in the European context that the domicile of the major banks up in Scotland would remain in Scotland given the location of head office like activities in the rest of the UK," Carney told British lawmakers in a parliamentary committee.His remarks mirrored comments last month from Business Minister Vince Cable who said RBS, currently based in Edinburgh, would "inevitably" become a London bank if Scotland broke away from the UK.RD