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RBS applies for a German banking license - FT

Reuters - UK Focus

Dec (Shanghai: 600875.SS - news) 23 (Reuters) - Royal Bank of Scotland Group Plc has applied for a German banking license to help maintain access to European markets after Britain's exit from the European Union, the Financial Times reported on Sunday.

The bank has plans to replace its current Frankfurt branch with a newly licensed unit, according to the report https://on.ft.com/2BBvdCs. RBS (LSE: RBS.L - news) already has one license in continental Europe due to its takeover of Dutch bank ABN Amro in 2007.

The new unit will have the responsibility of processing and settling euro-denominated payments, managing euro liquidity and offering loans to large German clients along with attracting their deposits, the FT reported.

RBS did not respond to a request for comment outside regular business hours.

In October, the company said it had set an extra 100 million pounds ($126.46 million) aside to account for possible bad loans as a result of Brexit uncertainty. ($1 = 0.7908 pounds) (Reporting by Kanishka Singh in Bengaluru; Editing by Daniel Wallis)