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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Royal Bank of Scotland Group    RBS   GB00B7T77214

ROYAL BANK OF SCOTLAND GROUP (RBS)
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Royal Bank of Scotland : RBS Will Move Assets to Netherlands in Early March if Brexit Talks Fail

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12/06/2018 | 04:09pm CET

By Adam Clark

Royal Bank of Scotland Group PLC (RBS.LN) said Thursday that it is preparing to transfer 13 billion pounds ($16.5 billion) of assets and liabilities to a Dutch subsidiary by early March in case of a disorderly Brexit.

The British lender said it expects around 30% of the customers of its investment banking arm, NatWest Markets, to be transferred to the Dutch unit and will move existing transactions by March 4 if faced with a "immediate loss of access to the European single market."

RBS said it has designed the transfer in a flexible manner so it can respond to any political changes in relation to U.K.'s expected exit from the European Union on March 29. The move underlines the uncertainty facing British businesses in planning for Brexit, as the U.K. leaving the bloc with no trade deal, or entering a transition period, or even continuing as part of the EU all remain potential options.

"During a transition period, the move of non-UK EEA [European Economic Area] customers to NatWest Markets N.V. may be more gradual and subject to further political developments," RBS said.

As a domestic-focused lender, RBS faces less potential disruption from Brexit than many of its peers. Last week, lobby group Frankfurt Main Finance estimated London will lose up to 800 billion euros ($907 billion) in assets by March, with 30 banks and financial firms choosing to set up their new EU headquarters in the German city.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

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Financials (GBP)
Sales 2018 13 223 M
EBIT 2018 5 393 M
Net income 2018 1 516 M
Debt 2018 -
Yield 2018 3,22%
P/E ratio 2018 15,82
P/E ratio 2019 11,27
Capi. / Sales 2018 1,92x
Capi. / Sales 2019 1,93x
Capitalization 25 410 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,01  GBP
Spread / Average Target 43%
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Managers
NameTitle
Ross Maxwell McEwan Chief Executive Officer & Executive Director
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Katie Murray Chief Financial Officer
Brendan R. Nelson Independent Non-Executive Director
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