Paris, London, 19 February 2014.
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.”