Banks plan London move if Scots vote to secede

London - Royal Bank of Scotland (RBS) and Lloyds Banking Group have made contingency plans to move their registered offices to England in the event of a vote for independence in the Scottish referendum, British media reported late on Wednesday.

Lloyds released a statement about the plans on Wednesday, while rival RBS had discussed similar plans with the government, broadcaster ITV reported.

"We have contingency plans in place which include the establishment of new legal entities in England," Lloyds said in a statement.

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"Lloyds' contingency plan to relocate to London in the event of a yes vote is understandable," a Treasury spokesperson said.

RBS was expected to issue a statement before the British markets open, the BBC and Scotland's The Herald newspaper reported early on Thursday.

The move would mean the banks continue to be regulated by the Bank of England in the event of a vote for an independent Scotland.

Both companies are part-owned by the British government, after being bailed out during the global financial crisis.

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