INVESTMENT

Royal Bank of Scotland is to shift £13 billion worth of business to the Netherlands if the UK crashes out of the EU with no deal.

About 30% of customers for its investment banking unit, NatWest Markets, will move to the lender’s new Dutch subsidiary as well as existing transactions by March 4 in the event disorderly Brexit.

This means around £6 billion of thirdparty assets and up to £7 billion of liabilities will be transferred in the event of an “immediate loss of access to the European single market”.

The state-controlled bank said that if Britain reaches a deal with the EU the transfer would be more measured. of a

“During a transition period, the move of non-UK EEA (European Economic Area) customers to NatWest Markets NV may be more gradual and subject to further political developments,” it said.

Britain is expected to leave the EU on March 29, but businesses have grown nervous around the uncertainty surrounding Britain’s departure.

MPs will vote on Theresa May’s EU withdrawal agreement on December 11 but it could be voted down and the country could leave the EU with no deal or transition period.

A disorderly Brexit could see banks lose passporting rights that allow direct access to clients in the EU.

The news follows reports that €800 billion (£711 billion) of assets will move to Frankfurt in preparation for Brexit.

RBS is preparing in case the UK crashes out of the EU