The Royal Bank of Scotland (RBS) has reached an agreement with BNP Paribas over the sale of the bank’s retail structured products and equity derivatives business.
Talks between the two companies over the sale of RBS's structured retail investor products arm to BNP Paribas started in November 2013.
RBS pulled out of the structured products market for retail investors in June 2013.
The transaction is subject to competition approval which is expected to be given in the first half of this year.
RBS and BNP Paribas said they were committed to ensuring the implementation was completed efficiently and seamlessly.
Yann Geradin, global head of BNP Paribas structured product division, said the company was proud to have been chosen by RBS after a highly competitive bidding process.
'The transaction will allow us to serve existing and potential new clients more effectively, thanks to the strong match of RBS’s financial offerings with our strategic growth targets, both in terms of products and countries. It will thus accelerate our development in the space of retail listed products and structured retail products, without modifying our risk profile.'