BNP Paribas buys business with the rich from HSBC Germany
Published: Monday, Sep 23rd 2024, 10:10
Updated At: Tuesday, Sep 24th 2024, 01:59
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The major French bank BNP Paribas is expanding its business with wealthy private clients in Germany with a takeover. It is buying the private banking division of HSBC Germany, headquartered in Düsseldorf, as announced by BNP Paribas in Frankfurt.
Germany is a key market with high growth potential in wealth management, particularly in the business with clients from the SME sector, entrepreneurs and owner families, it said. With its focus on wealthy and very wealthy private individuals and its focus on North Rhine-Westphalia, HSBC's Private Banking division complements its own business model.
The aim of the takeover is to position BNP Paribas among the leading wealth management providers in the German market. The takeover is expected to more than double the assets under management in this area to over 40 billion euros. A price for the deal, which is expected to be completed in the second half of 2025, was not disclosed.
HSBC Germany, which currently employs around 2,400 people, emerged from the Düsseldorf-based private bank Trinkaus & Burkhardt and belongs to the major British bank HSBC. The business in Germany has been restructured in recent years. There has been speculation about the sale of the private banking division for some time.
The business with wealthy private clients in Germany is highly competitive. Deutsche Bank also wants to grow here with special private banking centers within its branch network and recently appointed a new head of Wealth Management & Private Banking in Germany from the major Swiss bank UBS.
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