RBS applies for a German banking licence - FT

(Reuters) - Royal Bank of Scotland Group Plc has applied for a German banking licence to help maintain access to European markets after Britain's exit from the European Union, the Financial Times reported on Sunday. The bank has plans to replace its current Frankfurt branch with a newly licensed unit, according to the report. RBS already has one licence in continental Europe due to its takeover of Dutch bank ABN Amro in 2007.The new unit will have the responsibility of processing and settling..