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RBS post BREXIT pick for its trading hub is Amsterdam

09 August 17 - RE+D Magazine
RBS post BREXIT pick for its trading hub is Amsterdam

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PEOPLE

Antulio Richetta

Director IBI Group
Royal Bank of Scotland Group Plc announced a better-than-expected performance in the second quarter and that came from an unexpected source: its investment bank.

 

Revenue at Natwest Markets, which houses the trading business, increased 17% to 472 million pounds ($620 million), beating the forecasts of analysts at Morgan Stanley and Jefferies Group LLC.

The firm also said it’s picked Amsterdam as its post-Brexit European Union trading hub and was preparing to move 150 jobs to the Dutch city, according to Bloomberg.

The bank’s new trading operation in the Netherlands will cost “in the low tens of millions” to set up, with annual running expenses at about the same amount, executives said on the call.

RBS needs the unit to maintain access to the EU’s single market if London loses passporting rights after Britain voted to leave the bloc last year.

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