Updated 7 December 2015
On 19 February 2014, The Royal Bank of Scotland plc (“RBS plc”) announced that an agreement had been reached with BNP Paribas S.A. ("BNP Paribas") for the disposal of certain assets and liabilities related to RBS plc’s structured retail investor products and equity derivatives business, as well as associated market-making activities (the "Proposed Transaction"), subject to competition approval.
It was announced that as part of the Proposed Transaction, where available, statutory transfer schemes would be used to effect a legal transfer of eligible transactions (including securities) to BNP Paribas or one of its affiliates. In particular, it was announced that RBS plc and BNP Paribas would work together with the aim of implementing a banking business transfer scheme pursuant to Part VII of the UK Financial Services and Markets Act 2000 (the “Part VII Scheme”), which would be subject, amongst other matters, to court and regulatory approvals.
RBS plc and BNP Paribas presented a petition on 28 September 2015 to the Court of Session in Scotland (the “Court”) for an order sanctioning the Part VII Scheme. A preliminary hearing at the Court was held on 29 September 2015.
The Part VII Scheme was approved by the Court at a hearing held on 19 November 2015.
The Part VII Scheme took effect at 00:01 (GMT) on 7 December 2015.