The Royal Bank of Scotland (RBS) will establish a new European plant in the Netherlands as part of a contingency plan for the so- "Heavy Breckit". This was announced by the British bank in a statement to investors on Friday. The bank said it would use its existing Amsterdam work license to ensure that investment and corporate banking still have access to the European Union's single market after the UK leaves the bloc. RBS, of which 71% is owned by the UK government, is a second-quarter profit of 680 million pounds - almost double the forecast predicted by analysts. Revenues rose to 3.6 billion pounds, compared with 2.7 billion pounds in the same period last year. According to the BBC, with the opening of the new headquarters in the Netherlands, 150 jobs will be moved from London.
Big banks are setting up offices across Europe, preparing to leave Britain out of the EU's single market and the customs union. The majority have already announced that they will move their European operations to Frankfurt, and recently it has become clear that Amsterdam is also selected by the largest Japanese bank, Mitsubishi UFJ Financial Group, as the center of its European operations.