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Brexit: We're ready for uncertainty, insists Ulster Bank owner

By Ravender Sembhy

The boss of Ulster Bank parent Royal Bank of Scotland has issued a memo to staff, warning that the vote to leave the EU created "short, medium and long-term" economic uncertainty.

Ross McEwan also moved to reassure employees of Ulster Bank and RBS that the company was well-placed to deal with the fallout of the result.

He wrote: "We had planned extensively for both possible outcomes to ensure we were well-placed to support our customers and colleagues.

"The result of the vote carries with it a range of unknowns about the short, medium and long-term prospects for the UK and its economy."

RBS's share price has taken a pummelling since the vote, on Monday falling to its lowest level since the financial crisis, before rebounding yesterday.

New Zealand-born Mr McEwan also gave a nod to the bank's international workforce amid fears that Britain could lose access to the single market in the wake of the historic decision to leave the EU. He said: "As someone born outside the UK, I see one of this country's biggest strengths as its openness to the rest of the world."

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