RBS plans for Scottish independence vote

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Royal Bank of Scotland has started to legally prepare for the prospect of another referendum on Scottish independence.

The Sunday Times reports the bank is moving its Scottish customers into a separate subsidiary, with the arm operating under a historic licence used by its private banking business Adam & Co.

The work is being carried out as part of RBS’s compliance with ring-fencing rules which require banks to split retail banking from their investment arms.

RBS is said to have opted for an additional layer of restructuring in the event of a Yes vote to Scottish independence in the future, in what is already a complex legal process to comply with ring-fencing requirements.

Scotland’s first minister initially called for a second referendum on independence to be held in either autumn next year or spring 2019. The new target date for another vote is 2021.