Royal Bank of Scotland is in discussions with the Dutch central bank to use the Netherlands as its trading base in the European Union once Britain leaves the bloc, the bank said on Friday.
Chief Executive Ross McEwan said the bank plans to build-up its Amsterdam unit, acquired after RBS bought ABN Amro in 2008, so that its trading division NatWest Markets can continue to operate smoothly after Brexit.
He said that the unit currently has just a 'handful' of staff but plans to employ a total of around 150.
"NatWest Markets has reviewed ways to minimize disruption to the business and continue to serve its customers well in the event of any loss of EU passporting," the bank said in its half year report.
"Should the outcome of the current EU separation negotiations make it necessary, NatWest Markets is ensuring our existing RBS N.V.banking license in the Netherlands is operationally ready."
RBS has focused on banking in the UK and Ireland since being rescued with a £45.5 billion taxpayer bailout at the height of the financial crisis, meaning it would likely move fewer employees overseas than larger global investment banks.
"Setup costs will be in the low tens of millions, running costs also in the low tens of millions," Chief Finance Officer Ewen Stevenson told reporters
Amsterdam, with some of the world's fastest data links and a history of high-frequency trading has been attracting financial market platforms looking for a post-Brexit base in Europe with both Tradeweb and MarketAxess saying they would move to the city.
However its appeal to investment banks looking to move there has been muted by a cap on bonuses for workers in the financial services industry.
A rule limiting bonuses to 20 per cent of fixed pay was brought in by the Dutch government after the 2008 financial crisis. The country's parliament voted in June to scrap that limit in a non-binding consultative vote.
*Reuters
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Killing of Qassem Suleimani
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