The agreement hammered out earlier this year by the Royal Bank of Scotland's (RBS) and BNP Paribas for the sale of certain parts of RBS's structured products and retail investor equity derivatives (IP&ED) for around £15bn gave the French bank a new edge in some European markets where its presence had been marginal. The notional value of the RBS portfolio when the bidding began was roughly £175bn ($282bn), with £30bn belonging to its public distribution network, £65bn the listed opti