RBS makes independence announcement in response to "media speculation"

Royal Bank of Scotland's announcement that it would relocate its HQ from Edinburgh to London in the event of a vote for independence was driven by "media speculation", an internal memo has revealed.

Royal Bank of Scotland: Responded to media speculation with independence announcement
Royal Bank of Scotland: Responded to media speculation with independence announcement

RBS' announcement of its contingency plan for the Scottish referendum today followed on from a slew of similar statements by other major companies this week.

Sent by CEO Ross McEwan to all staff at the bank, the memo states: "As you will have seen over the past 24 hours, other Scottish headquartered financial institutions have made public statements about their intentions.

"This served to fuel media speculation about our own plans, and in those circumstances, it became necessary for us to update the market on aspects of our contingency planning."

On Wednesday, insurance giant Standard Life revealed that it was considering relocating some operations to England in the event of a Yes vote, while BP boss Bob Dudley warned that the North Sea oil business would be harmed by Scottish independence.  

A spokesperson for RBS would not comment further on the matter but PRWeek understands that the bank felt it prudent to follow suit and make its plans clear as other institutions were doing the same.

The memo seeks to reassure staff and adds: "I know many of you will have already heard about this first in the media. My apologies for that, on this occasion this was unavoidable."

 

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