The Royal Bank of Scotland (RBS) has applied for a German banking license to retain EU clients in the event of a no-deal Brexit.

RBS has a Dutch license following the takeover of ABN Amro in 2007. The lender now seeks a German license for its NatWest subsidiary. The move will allow the bank to benefit from passporting rights allowing it to operate across the continent. About a third of the lender’s customers are EU citizens.

The RBS Group is effectively state-owned and issues banknotes in ...

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