Connect with us

Hi, what are you looking for?


RBS exits cash management services

Royal Bank of Scotland is closing its global cash management division and referring thousands of businesses to BNP Paribas. The bank is shutting down its Global Transaction Services unit, which at its peak provided 7,000 businesses with cash management services from overdraft facilities to trade finance products. RBS has formed a ‘referral’ partnership with BNP Paribas as an alternative for existing customers. RBS’s decision to close the division is part of a large-scale restructuring unveiled at the start of the year to refocus on UK retail banking after suffering seven successive net annual losses. RBS is pulling out of 25 markets globally, making it untenable for the bank to continue to provide cash management services internationally. However, the bank will continue to offer cash management and trade finance services to businesses based in the UK or Republic of Ireland, as well as overseas companies with “significant links” to the UK.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.