How BNPP secured the £15bn RBS structured products book
The sale of Royal Bank of Scotland's 20,000-strong £15 billion notional structured products portfolio to BNP Paribas is this year's Structured Products deal of the year for Europe
In BNP Paribas' (BNPP) offices in Paris, there is a very large room that is walled with whiteboards decorated with equations. These scribbles provide the answer to how you untangle and transfer the risk and value of more than 20,000 structured products marked at £15 billion notional acquired from Royal Bank of Scotland (RBS).
"The business had been driven by innovation, so there's never going to be a 100% fit," says Garrath Fulford, global head of structuring at RBS in London. "We agreed a
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