Following the start of exclusive talks in November 2013, RBS and BNP Paribas are pleased to announce that an agreement has been reached for the sale of certain assets and liabilities of RBS's Structured Retail Investor Products & Equity Derivatives to BNP Paribas Global Equities and Commodity Derivatives(GECD).
The transaction is still subject to competition approval. We anticipate receiving clearance for this during H1 2014.
Both RBS and BNP Paribas are committed to ensuring that implementation is completed efficiently and seamlessly for clients, once competition approval is received.
Yann Gérardin, Global Head of BNP Paribas GECD, comments: “We are proud to have been chosen by RBS, after a highly competitive bidding process which testified to the quality of their business. 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.”
Peter Nielsen, Co-CEO of Markets at RBS said: “RBS chose a partner that could ensure seamless execution for our clients. The reputation of BNP Paribas, its long-term commitment to the Equity Derivatives business, track record with this kind of transaction and the quality of its teams and platform, made BNP Paribas an ideal partner for RBS.”
About BNP Paribas Corporate and Investment Banking
BNP Paribas Corporate and Investment Banking (CIB) is a leading provider of solutions to a wide range of clients including corporates, sovereigns, financial institutions and investors worldwide. Approximately 19,000 professionals in 45 countries provide clients with personalized services for managing their risks and assets, financing and expanding their business and servicing their operational needs.
BNP Paribas CIB excels in:
Corporate Banking - where it has leading franchises in Transaction Banking (trade finance, cash management) and in Specialized Financing (energy & commodities, transportation, export, project, leveraged, media telecom, corporate acquisition finance and real estate)
Derivatives - where it is one of the leading global players in interest rates, credit, foreign exchange, commodity and equity derivatives.
Advisory and Capital Markets - where it is a top European house in ECM and a global leader in DCM (bond, convertibles and equity issuance)
RBS Markets and International Banking (M and IB)
RBS Markets and International Banking (M and IB) is a leading banking partner to major corporations, financial institutions, government and public sector clients around the world. M and IB provides an extensive range of products and services in debt financing, global markets, risk management, investor products, financial advisory and transaction services. The division focuses on long-term client relationships and excellence in product execution underpinned by global insight, local knowledge and a prudent and sustainable banking model to meet the evolving market and regulatory backdrop. Committed to serving clients' needs internationally, M and IB has on-the-ground operations in 38 countries.
The Royal Bank of Scotland Group (RBS)
The RBS Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers worldwide. The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank and Coutts.