How we are planning for Brexit
As our business is largely UK-focused, the impact on RBS is not as significant as it is on many other banks. While the EU negotiations continue, we will not know the full implications of the outcomes of Brexit. In anticipation, we’re preparing for a number of scenarios, including a no deal, so that we can continue to support our customers.
We’ve made good progress on our Brexit plans. We implemented our plan to use our banking entity in the Netherlands, NatWest Markets N.V. and began serving some of our non-UK EEA customers from 25 March 2019.
Based in Amsterdam, NatWest Markets N.V. will have branches in Dublin, Frankfurt, Madrid, Milan, Paris and Stockholm. NatWest Markets N.V. will offer the same products and services that NatWest Markets Plc offers today from the UK, with connections to the market infrastructure providers (needed to serve you), including trading venues and counterparty clearing houses.
We’re continuing with our plans to move our Western Europe Large Corporate business and operations to NatWest Markets N.V. We’ll make sure there’s minimal disruption to our customers’ business and we’ll provide our customers with our full support throughout the transition.
We also have new Banking licences for our Branch in Frankfurt, which allows us continued access to Financial Market’s 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 Ireland.
We continue to work closely with the UK Government, Bank of England, HMT, our regulators, the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority) as well as UK Finance – to help us understand what Brexit means for the Financial Services sector and regularly review our plans to ensure we’re ready to meet every eventuality.