RBS rises after equity derivatives arm draws bid interest - UPDATE

4th Jul 2013 08:56

Royal Bank of Scotland's shares rose on Thursday after it emerged that rivals were considering bids for its structured retail products and equity derivatives business.The bank has received expressions of interest from "a large number of parties", a person familiar with the sale said.BNP Paribas, Commerzbank and Societe Generale are all said to be interested in some or all of the business.RBS shares were among the biggest gainers in the FTSE 100, and were up 3.9% to 280.4p at 13:43 UK time. RBS declined to comment.The UK bank said last month it would get out of structured retail products and equity derivatives as it cuts back its investment banking operations. News of the bid interest was first reported by Bloomberg.The Financial Times reported that RBS was making progress in interviewing candidates to be the bank's new Chief Executive when Stephen Hester leaves later this year.