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RBS sells unit to BNP Paribas

RBS(2)Royal Bank of Scotland Group has sold its equity derivatives and structured products unit to BNP Paribas. The proposed transaction is in line with the strategic repositioning and de-risking of the markets division of the RBS Group as announced in 2013, RBS said in a statement. The bank said it is exiting all structured products and equity derivatives in June, citing high capital costs and expenses. The sale is expected to transfer risk management of as much as £15 billion (€18.1 billion) of liabilities, according to the Edinburgh-based lender. Increased regulatory scrutiny of structured products, which have faced criticism for being opaque and complex, is making the notes more expensive, forcing issuers to become either leaner and more efficient or retreat from the business. The Paris-based firm signed an agreement to take on €12.5 billion of derivatives business from Credit Agricole in October.

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