How we prepared for the UK leaving the EU
As our business is largely UK-focused, the direct impact on RBS is not as significant as it is for many other banks.
We’ve already made changes to the way we’re organised to ensure we can serve customers when the UK leaves the EU.
We’ve been operating our banking entity in the Netherlands, NatWest Markets N.V. since 25 March 2019. We’re serving some of our non-UK EEA customers and have transferred some of our Western European Corporate Coverage business into NatWest Markets N.V.
Based in Amsterdam, NatWest Markets N.V. has branches in London, Dublin, Frankfurt, Madrid, Milan, Paris and Stockholm. NatWest Markets N.V. offers the same products and services that NatWest Markets Plc provides from the UK, with connections to the market infrastructure providers needed to serve you, including trading venues and counterparty clearing houses.
We’ve established our NatWest Bank Branch in Frankfurt, which allows us continued access to Financial Markets infrastructure in Germany to support Euro Payments and Euro Liquidity via the Bundesbank.
Our Ulster Bank Ireland DAC business will continue to provide services for our customers that live, invest and do business in the Republic of Ireland.
We’ve been involved in consultations with key UK and EU bodies and we’re continuing to work with the UK Government, Bank of England, HM Treasury (HMT), trade organisations, our UK and EU regulators, including the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) and UK Finance to understand what the future UK-EU relationship means for the Financial Services sector.