BNP acquires HSBC’s private banking business in Germany
BNP Paribas has acquired HSBC’s private banking business in Germany as it seeks to grow its wealth management business across Europe.
BNP Paribas Wealth Management will focus on high-net worth and ultra high-net worth individuals in the North Rhine-Westphalia area.
The firm will offer a range of services, including investment and corporate banking and asset management offerings.
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“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,” said Vincent Lecomte, chief executive of BNP Paribas Wealth Management.
“It will therefore contribute to consolidate our position as the first wealth management player in the Eurozone.”
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Lutz Diederichs, chief executive of BNP Paribas Germany, added that wealth management in Germany will serve as an entry portal for the firm’s clients into the entire portfolio of services of the BNP Paribas Group, in particular in corporate and institutional banking, real estate, asset management and securities services.
News of the acquisition comes just days after BNP announced a $5bn (£3.8bn) funding commitment to Apollo Global Management to finance investment-grade, asset-backed credit.
Read more: Apollo inks $5bn funding commitment from BNP Paribas
