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RBS seeks German banking license ahead of Brexit

Royal Bank of Scotland Group PLC applied for a German banking license ahead of Brexit, The Financial Times reported.

The move is meant to ensure the bank maintains access to European markets, according to the publication.

RBS plans to replace its Frankfurt branch with a new unit that will act as a regional payments hub while continuing to use infrastructure maintained by Germany's central bank, according to the report.

Earlier in December, the bank made plans to transfer £6 billion in assets and £7 billion of third-party liabilities to Dutch subsidiary NatWest Markets NV, in a bid to provide continuing service to EEA customers outside the U.K. following Brexit.