BNP Paribas to buy HSBC’s German private banking arm

BNP Paribas (BNPQY) announced that it has signed an agreement with HSBC (HSBC) for the acquisition of their Private Banking activities in Germany, with the ambition to position BNP Paribas Wealth Management among the top players in Germany and bringing its AuM1 to more than EUR 40B. “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, leveraging on the strong franchises of the Group to both address their personal and corporate needs. It will therefore contribute to consolidate our position as the first Wealth Management player in the Eurozone,” comments Vincent Lecomte, CEO of BNP Paribas Wealth Management. The closing of this transaction is expected during the second semester of 2025, once regulatory approvals have been obtained.