BNP Paribas signs agreement with HSBC 23 September 2024Germany Reporter: Clelia Frondaroli
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BNP Paribas has entered into an agreement with HSBC to acquire their Private Banking activities in Germany.
The agreement aims to establish a strong regional presence for the company, and comes as a result of the region offering extensive growth opportunities for wealth and asset management activities.
Through the acquisition, BNP Paribas clients will also receive investment and corporate banking services, which aligns with the company’s current wealth management model.
Vincent Lecomte, CEO of BNP Paribas Wealth Management, comments: “This acquisition is a new crucial step in positioning BNP Paribas Wealth Management among the leading players in Germany, where we believe our model is best suited to serve the long-term needs of entrepreneurial clients.”
CEO of BNP Paribas Germany, Lutz Diederichs, adds: “Germany is a key strategic market for BNP Paribas with a local presence of more than 75 years. Wealth Management in Germany serves as an entry portal for our clients into the entire portfolio of services of the BNP Paribas Group.”
The transaction is expected to close in the latter half of 2025, pending regulatory approvals.
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