RBS in talks to sell IP&ED business

18th Nov 2013 14:11

Royal Bank of Scotland has confirmed it is in talks to sell its retail investor products and equity derivatives business (IP&ED) in an effort to streamline its investment bank.The 81% state-backed lender is reportedly in negotiations with France's biggest bank BNP Paribas, sources told Reuters. BNP Paribas declined to comment on the report.The bank said in June it would offload the business as it simplifies its investment bank. The business has been cut down considerable since RBS received a £45.5bn government bailout at the height of the 2008 financial crisis. "RBS continues to make progress with its sale of the IP&ED business and is in discussions with a third party in connection with such sale," the bank said on Monday.Shares rose 1.42% to 334.70p at 14:20.RD