How BNPP secured the £15bn RBS structured products book

RBS global markets head sheds light on the sales process

photo of renaud meary
Renaud Meary, BNP Paribas

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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