Royal Bank of Scotland (RBS) tries for a banking license in German. This will help the bank to stay safe and retain its clients in the EU if the no-deal- Brexit takes place.
The decision is applicable to all its branches and sister ventures. RBS already holds a Dutch license which would help RBS to work hassle-free in the EU. RBS is the latest addition to the state-owned banks who have established an EU base on the background of the Brexit.
With the new license, RBS would be able to provide loans to the German people and handle euro-denominated payments. This license will help RBS to keep a good bond with Germany's central bank. RBS will create new employment in Frankfurt. Around 37 financial institutions from the UK have applied for a license to the ECB.
Out of these banks, 30 have decided to establish their base at Frankfurt.