Daily Management Review

RBS to receive banking license in Germany


Royal Bank of Scotland has applied for a banking license in Germany to maintain access to European markets after the UK exits the European Union, the Financial Times reported.

ell brown
ell brown
The bank plans to replace its existing branch in Frankfurt with a new division with a license.

RBS has already received a license in continental Europe in connection with acquisition of the Dutch bank ABN Amro in 2007.

The new division will be responsible for processing and calculating payments in euros, managing liquidity in euros, providing loans to large German clients and attracting their deposits.

According to estimates by the German industry organization Frankfurt Main Finance, financial companies and banks will transfer € 750-800 billion of assets from London to Frankfurt by March 2019 in preparation for the UK to leave the EU.

Frankfurt Main Finance also predicts that during the transition period after Brexit from London to Frankfurt as the new financial capital of the EU will be moved about 10 thousand jobs in the financial sector.

A number of large banks and financial companies are evaluating or have already submitted plans to transfer the main part of their units from London to Frankfurt. These include, in particular, Barclays, Deutsche Bank, Citigroup, Credit Suisse 

source: reuters.com

Science & Technology

Uber sues Los Angeles authorities over user data collection

Google Introduces New Coronavirus Website

WHO Warns That The Youth Are ‘Not Invincible' To The Novel Coronavirus

Chinese software company learns to recognize 95% of masked faces

World's largest retailer to use 5G for medical services

SpaceX Receives Approval To Create Research & Manufacturing Facility In Los Angeles

JPMorgan: Transition to e-money will be based on blockchain

Tesla In Advance Talks With CATL For Using Lithium Batteries

Financial giants and US government turn to quantum computers

Long Way To Go For Coronavirus Vaccine, Say Drgumakers

World Politics

World & Politics

US Ambassador To UK Holds China Responsible For Global Spread Of Coronavirus

China to lift quarantine in Wuhan on April 8

Canada, Australia refuse to send athletes to Olympics 2020

Plans For A Possible Delay Of Olympics Being Formulated By Tokyo Organizers: Reuters

Maduro says Venezuela will receive UN assistance to fight coronavirus

2 Million Masks For Coronavirus Crisis In Europe Donated By Jack Ma

National Emergency Declared In The US By Donald Trump Over Coronavirus

China: Coronavirus epidemic peak is over