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RBS would move HQ to London if Scotland gained independence, CEO says

Edinburgh-based Royal Bank of Scotland Group PLC would move its headquarters to London if Scotland gained independence from the rest of the U.K., The (London) Times reported Aug. 7, citing the lender's CEO, Ross McEwan.

McEwan told the newspaper that the bank was too big — with its balance sheet size amounting to roughly £730 billion — for an independent Scottish economy to support and would be unable to rely on another bailout funded by taxpayers.

Scotland's first minister, Nicola Sturgeon, is pushing for an independence referendum and has said there is growing urgency partly because of Brexit, BBC News reported.

McEwan told the Times that Scotland would remain one of the major centers of RBS and that relocating its base of operations would not have a significant impact on jobs in the country.