BNP Paribas has secured the purchase of RBS’s Structured Retail Investor Products and Equity Derivative business, coinciding with its goals to expand its retail listed and structured retail products offerings.

BNP Paribas has secured the purchase of RBS’s Structured Retail Investor Products and Equity Derivative business, coinciding with its goals to expand its retail listed and structured retail products offerings.

With this acquisition in hand, BNP Paribas Global Equities and Commodity Derivatives aims to serve its existing and potential clients more effectively. It will use its new division to help reach its growth targets for products and countries where RBS had already made headway.

The decision for RBS to sell its Structured Retail Investor Products & Equity Derivatives came in June last year as the firm laid plans to focus on four fixed income products: rates, currency, asset-backed products and debt capital markets. With the division unable to fit into the simplified business model, RBS advertised the division.

Until the sale is finalised later on this year, RBS are unable to comment on possible staff losses. The firm told this publication that a number of people will be moving over to BNP Paribas, but an employee consultation can only take place once the acquisition is confirmed.

Both firms will ensure that the move will be as seamless for clients as possible once the transaction is finalised in the first half of 2014, subject to competition approval.

BNP Paribas GECD intends to lure new customers in following its purchase, as its risk profile will remain untouched as it develops its retail listed and structured retail products.

The sale did not come simply for BNP Paribas; it fought around 30 other firms in a competitive bidding process to gain the RBC division. RBS could not confirm the exact number. BNP Paribas’s position within the equity derivatives business eventually helped swing the deal.