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.

As a result, customers not in the bank's core markets in the UK and Ireland who use the bank's Global Transaction Services (GTS) for letters of credit (L/Cs) and guarantees as well as other international trade finance services will be referred to BNP Paribas.

Alternative providers

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.

Should a customer seek to use referral arrangements between RBS and BNP Paribas, there will be a streamlined process in place to make the transition as smooth as possible according to an RBS statement.

Core market

GTS will continue to serve small- and medium-sized enterprises and large corporates 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.

As well as providing L/Cs and guarantees to corporate customers, GTS also provides cash solutions and cross-border payment processing.

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