Banks Hit as Scottish Independence Supporters Take Lead in Poll
Shares in Edinburgh-based Lloyds Banking Group and Royal Bank of Scotland fell on Monday after supporters of Scottish independence took their first opinion poll lead since the referendum campaign began.
Lloyds’ shares were down 2.5 percent by 0845 GMT and Royal Bank of Scotland’s down 2.3 percent. Shares in TSB, which does a quarter of its mortgage lending in Scotland and is majority-owned by Lloyds, were down 2.8 percent.
Scotland will vote on Sept. 18 whether to stay in the United Kingdom.
Economists have questioned whether an independent Scotland would be able to host such large banks. Banking industry sources told Reuters last week that Lloyds is considering moving its registered offices to London if Scots vote for independence. RBS is examining its options.
The two banks have warned that Scottish independence would present a significant risk to their businesses, impacting their funding, tax and compliance costs.