SYDNEY: National Australia Bank (NAB) , the country's No.4 lender by market value, said contingency plans for its Scottish-based subsidiary included moving to England if Scotland votes to end its 307-year union with the rest of the United Kingdom.
The move would address some of the uncertainties and risks surrounding terms of separation for NAB's Clydesdale Bank if Scotland were to become an independent country, NAB said in a statement on Thursday, citing Group CEO Andrew Thorburn.
Re-registration in England would be subject to a number of regulatory approvals and other requirements, the timing and cost of which would be determined in due course, the bank added.
Earlier, Scottish-based Lloyds Banking Group and Royal Bank of Scotland said they will relocate to England in the event of a "yes" vote.
Reuters reported on Tuesday that Scottish banks were increasingly concerned about worried customers looking to move funds out of the region because of fears over the impact of independence.
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