Royal Bank of Scotland has picked Amsterdam as its post-Brexit European Union trading hub and will deliver 150 jobs in the Dutch capital, chief executive Ross McEwan said on Friday.

Speaking at the presentation of the bank’s second quarter results, McEwan said the bank will build up its minor Amsterdam unit so that its trading division NatWest Markets can continue operating after Brexit.

RBS needs an EU base to maintain access to the EU’s single market when London loses passporting rights after Britain quits the EU.  The bank is already in ‘advanced talks’ on setting up the new European operation in the Netherlands, bank officials said.

RBS has a banking licence in the Netherlands, which is part of its inheritance from the abortive takeover of ABN Amro 10 years ago. However, RBS closed its offices in Amsterdam’s Zuidas business district at the beginning of this year and has just a small operation in the city centre.