Royal Bank of Scotland (RBS) has agreed to sell its structured retail investor products and equity derivatives (IP & ED) business to BNP Paribas Global Equities and Commodity Derivatives (GECD).

The sale is expected to transfer risk management of as much as £15 billion (€18.1 billion) of liabilities.

Terms of the deal weren’t announced.

The transaction, which is still subject to competition approval, is expected to receive the clearance during the first half of 2014.

In June last year, RBS announced its decision to exit all structured products and equity derivatives, citing high capital costs and expenses.

Yann Gérardin, global head of BNP Paribas GECD, said: "The transaction will allow us to serve existing and potential new clients more effectively, thanks to the strong match of RBS’s financial offerings with our strategic growth targets, both in terms of products and countries.

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"It will thus accelerate our development in the space of retail listed products and structured retail products, without modifying our risk profile."