BNP Paribas to be referral bank for RBS’ GTS customers
(6 July 2015 – Europe) The Royal Bank of Scotland (RBS) announced on 2 July that it has signed a referral agreement with BNP Paribas to support RBS’s Global Transaction Services (GTS) customers.
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 United Kingdom 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.
Pierre Fersztand, Global head of Cash Management at BNP Paribas, said: “With this referral agreement with RBS, we have already invested in a dedicated onboarding programme to facilitate a simplified migration process and will continue to invest in the development of our cash management expertise alongside our colleagues on the trade finance side.
“Our networks are joining forces to welcome, onboard and serve these new clients.”
Alain Papiasse, deputy chief operations officer and in charge of supporting the development of Corporate & Institutional Banking, BNP Paribas, said: “BNP Paribas is very pleased to partner with RBS to offer a dedicated international corporate banking solution to RBS clients for their needs outside the UK and Republic of Ireland.
“In selecting BNP Paribas, RBS specifically identified our international reach and broad product offering as being a good match for the needs of their existing client base.
“In addition to cash management, we deliver significant expertise in trade finance under the management of Marc Carlos.
“Cash management and trade finance are vital services to facilitate the everyday business of corporate clients,” Papiasse said.
“Being a solution provider to our corporate clients for their needs in Europe and internationally, via our One Bank for Corporates platform, is at the heart of BNP Paribas’ business model, and is key to the bank’s commitment to finance the economy.”
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