RBS Picks BNP for Transaction Banking Amid Global Retreat
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Royal Bank of Scotland Group Plc will refer thousands of its biggest customers to BNP Paribas SA for cash management and trade finance as the U.K. lender retreats from commercial banking worldwide.
The bank is contacting all customers that will need to move their business, the Edinburgh-based bank said in a statement Thursday. There is a “streamlined process” for companies to move to BNP under the referral agreement, or they can choose to move to other banks. Neither bank would comment if there were any fees associated with the deal.