LONDON, Aug 12 (IFR) - Gavin Kirkpatrick has resigned from Royal Bank of Scotland where he was a director to join BNP Paribas's hybrid structuring team, according to a market source.
Kirkpatrick's departure is the latest in a series of moves in Europe's hybrid capital market that started when Daniel Bell, Bank of America Merrill's head of debt capital markets capital products in the EMEA region, left the US bank to join Swiss Re in March.
Banks have been keen to fill the gap left by departing officials as the market for bank and corporate hybrid capital hots up.
BAML hired Joppe Schepers from UBS to partially replace Bell as co-head of the business.
Nigel Howells then left Deutsche Bank in April to head up UBS's debt capital markets capital securities team for Europe, the Middle East and Africa.
That left an opening in Deutsche Bank that was filled by Vikram Gandhi who left BNP Paribas in July, leaving a gap for Kirkpatrick.
European banks sold a total of 39.3bn-equivalent (US$52.6bn) through 32 issues in the first half of 2014, three times as much volume as in the first six months of last year, according to Thomson Reuters data.
Issuance of corporate hybrids in euros, sterling and dollars has reached 21.3bn equivalent year-to-date according to BNP Paribas, not far off the record 24.7bn sold in the whole of 2013, already a record year.
Kirkpatrick is also another loss for RBS's FIG franchise which also waved goodbye to Christoph Anhamm last month when he joined ABN AMRO.
Tom Burgess, a RBS vice president, also left the bank to join Barclays' financial institutions DCM business with a focus on the UK in July.
According to the market source, RBS has no immediate plans to replace Kirkpatrick. BNP Paribas was unavailable for comment. (Reporting by Aimee Donnellan; editing by Alex Chambers)