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September 4, 2014updated 04 Apr 2017 12:55pm

Lloyds may relocate its registered office to London

Lloyds Banking Group may relocate its registered offices to London from Edinburgh if Scots vote for independence.

Lloyds Banking Group may relocate its registered offices to London from Edinburgh if Scots vote for independence.

Most of the senior executives of the banking group-which owns Lloyds Bank, Halifax and Bank of Scotland -are based in London but its registered offices are in Edinburgh.

Without the move, the bank would be considered Scottish which could mean it would lose support from the Bank of England if it ran into trouble, according to Reuters.

Lloyds is considering having the group’s registered office in London, with Bank of Scotland operating from Edinburgh as a foreign division of the business.

The bank has formed contingency plans ahead of the vote on independence on 18 September 2014, as the chances of secession have increased with support for Scottish independence rising dramatically in August.

"The scale of potential change is currently unclear, but we have contingency plans in place," Lloyds was quoted as saying by Reuters.

Alex Salmond, Scotland’s First Minister, said that in case of a ‘yes’ majority at the referendum, the country would become officially independent in March 2016, which would give Lloyds and RBS about 18 months to assess their options.

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