U.K. Banks Seen Facing Losses From Scottish Independence: Chart

U.K. banks could face as much as 3 billion pounds ($3.7 billion) of credit losses if Scotland became independent, causing an economic downturn, analysts at JPMorgan Chase & Co. led by Raul Sinha wrote in a note to clients. CYBG Plc, the operator of the Clydesdale and Yorkshire banks, is most at risk due to a high concentration of Scottish loans, while larger firms such as Lloyds Banking Group Plc would face restructuring costs. Circumstances have changed since the last vote in 2014, and a breakup of Britain is now “an impossible-to-ignore potential outcome,” the analysts wrote.

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