RBS, BNP reach deal on sale of structured products unit

19th Feb 2014 09:31

RBS said it has reached a deal with BNP Paribas to sell its structured retail investor products and equity derivatives businesses, as well as associated market-making activities for an undisclosed sum.It added that the sale price "is not material within the context of the RBS Group", but offloading the business would transfer risk management of, and/or market making for, up to £15bn of liabilities over time.The sale is subject to competition approval and should be implemented on a phased basis during 2014 and 2015, RBS said.RBS, 81%-owned by the UK government, said the deal is in line with its "strategic repositioning and de-risking" of its markets division announced last year.RBS shares were up 0.4p to 360.6p at 09.31.FP