Reuters are reporting that the Royal Bank of Scotland and Lloyds Bank will both relocate to England if Scots vote for independence next week. The Royal Bank of Scotland, which employs 11,500 staff in Scotland, announced that it had taken the option to relocate to England because a vote for independence would create uncertainties which could impact its ability to borrow. Lloyds Bank, which employs 16,000 staff in Scotland, announced its contingency plans for Scottish independence included setting up “new principle legal entities in England”.
This blog previously reported (A Scottish Safe Harbour for Identity Management) that UK organisations with software systems based in Scotland may be at risk of breaching EU Safe Harbour regulations if Scotland were to vote for independence. Thus necessitating either a complete migration out of Scotland or migration of those systems storing identity data.