LONDON (dpa) – Royal Bank of Scotland (RBS) and Lloyds Banking Group have made contingency plans to move their registered offices to England in the event of a vote for independence in the Scottish referendum, British media reported late Wednesday.
Lloyds released a statement about the plans Wednesday, while rival RBS had discussed similar plans with the government, broadcaster ITV reported.
“We have contingency plans in place which include the establishment of new legal entities in England,” Lloyds said in a statement.
“Lloyds’ contingency plan to relocate to London in the event of a yes vote is understandable,” a Treasury spokesman said.
RBS was expected to issue a statement before the British markets open, the BBC and Scotland’s The Herald newspaper reported early Thursday.