Royal Bank of Scotland (RBS) has said it 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.
In line with its decision, the UK-based bank has signed a referral agreement with BNP Paribas to support RBS’s Global Transaction Services (GTS) customers.
According to head of GTS, Marc Townsend, the bank’s transaction services will now focus on its home market capabilities in the UK and the Republic of Ireland.
RBS says it will be communicating with all affected GTS customers and will support these customers during the transition to alternative transaction banking providers of their choice.
BNP Paribas referrals
Should a customer seek to use the referral arrangements between RBS and BNP Paribas, the UK-based bank says there will be a streamlined process in place to make the transition as smooth as possible.
GTS will continue to serve customers 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.
Categories: Trade Based Financial crimes News