View the article online at http://citywire.co.uk/wealth-manager/article/a735181
RBS seals deal to sell structured products units to BNP Paribas
by David Campbell on Feb 19, 2014 at 09:57
Negotiations between the two banks were first reported in November last year. The sale depends on regulatory approval, which is expected to be received in the next few months.
The total value of the RBS portfolio is believed to be a potential £175 billion, with BNP beating 30 other bidders. BNP has consolidated around £13 billion in structured product assets in recent years.
‘We are proud to have been chosen by RBS, after a highly competitive bidding process which testified to the quality of their business,’ said Yann Gerardin, head of BNP’s Paribas Global Equities and Commodity Derivatives division.
‘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.’
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