The Royal Bank of Scotland have announced that it has signed a referral agreement with BNP Paribas to support RBS’s Global Transaction Services (“GTS”) customers.

GTS’s new focus

In their full-year 2014 annual results announcement, RBS stated ‘we 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 our international country network.’ 

The RBS position has moved on, and now:

1. “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.”
2. 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.

GTS long term focus on SMEs and large corporates based in the UK +

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.

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CTMfile take: This is an inevitable development because when withdrawing their cash management service(s) RBS had to find alternative suppliers / providers. It also shows BNP Paribas' determination to become one of the top three cash management banks.