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Royal Bank of Scotland said Wednesday it is selling parts of its structured retail investor products and equity derivatives businesses to BNP Paribas for an undisclosed sum.

The deal, which had long been rumoured, will result in the 81% government-owned bank transferring the risk associated with up to £15 billion ($25.12 billion) of liabilities to BNP.

The sale of part of the structured products and derivatives businesses comes as RBS moves to refocus on its retail banking activities

Max Colchester

Ian Walker, The Wall Street Journal

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RBS sells markets units to BNP Paribas

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