Royal Bank of Scotland could shift base to Netherlands after Brexit

The Dollar Business Bureau 

The Chief Executive of Royal Bank of Scotland (RBS), Ross McEwan, revealed today that they are in discussions with the Dutch Central Bank to use it as a base after Britain exits the European Union. 

McEwan revealed today that RBS plans to build its Amsterdam unit which was acquired after RBS bought ABN-Amro in 2008. Though presently the staff at Amsterdam are only a handful, the bank plans to increase the staffing size to 150. McEwan told reporters, "Setup costs will be in the low tens of millions, running costs also in the low tens of millions.” 

RBS in its half-year report said, "NatWest Markets has reviewed ways to minimise disruption to the business and continue to serve its customers well in the event of any loss of EU passporting. Should the outcome of the current EU separation negotiations make it necessary, NatWest Markets is ensuring our existing RBS N.V.banking licence in the Netherlands is operationally ready." 

Amsterdam is one of the most opted places in the financial market platforms as it boasts of a history of high-frequency trading with the fastest data links. However investment banks are yet to set shop in the country as the Dutch government is credited to have brought a rule limiting bonuses to 20% of fixed pay after the financial crisis in 2008.