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RBS to refer global transaction customers to Paribas

Reuters - UK Focus

LONDON, July 2 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) said it had signed a referral agreement with BNP Paribas (Xetra: 887771 - news) to support customers within its Global Transaction Services division.

The state-backed lender said earlier this year that it would no longer offer transaction services to customers who need cash management and trade finance capabilities outside the UK and the Republic of Ireland (Other OTC: IRLD - news) .

RBS, which is 78 percent-owned by the British government, is cutting its investment banking and international operations to focus on lending to British households and businesses.

(Reporting by Matt Scuffham, editing by Sinead Cruise)