In line with RBS’s full-year 2014 annual results announcement, RBS will no longer offer transaction services to customers who need cash management and trade finance capabilities outside the UK and the Republic of Ireland through its international country network.
“As part of our announced strategy to make RBS a simpler, stronger and more sustainable bank, RBS Transaction Services will focus on its home market capabilities in the UK and the Republic of Ireland,” said Marc Townsend, Head of GTS. “In BNP Paribas, we have found a bank that has the commitment to work with our GTS customers, and we are confident that it has the people, country coverage, strong global product capability and infrastructure in transaction services to be an attractive alternative for our affected customers.”
RBS will be communicating with all affected GTS customers and will support these customers during their transition to alternative transaction banking providers of their choice. Should a customer seek to benefit from the referral arrangements between RBS and BNP Paribas, there will be a streamlined process in place to make the transition as smooth as possible.
RBS Transaction Services will continue to serve SMEs and large corporates based in the UK, multinational corporates from Western Europe, the US and Asia-Pacific with significant links to the UK and the Republic of Ireland, as well as global financial institutions.
About RBS Transaction Services
RBS Transaction Services is a leading UK sterling clearing and settlement provider to global financial institutions. It advises corporate treasurers on how to simplify the management of their business operations in order to grow their domestic and export markets. It also helps corporate customers execute their trade deals (eg, letters of credit and guarantees), implement their cash solutions (eg, cash pooling) and process their payments across country borders (eg, SEPA).