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HSBC HOLDINGS Sells Private Banking Biz in Germany to BNP Paribas
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HSBC HOLDINGS (00005.HK) announced the sale of its private banking business in Germany to BNP Paribas, with both parties having inked an agreement. The transaction is subject to approval by the relevant government and the conclusion of negotiations with the Works Council in Germany. The deal is anticipated to be concluded in the second half of 2025 and generate a gain. Approximately 120 employees and the assets and customers of HSBC Germany’s private banking business will be transferred to BNP Paribas. Michael Schleef, CEO of HSBC Germany, said the deal will streamline the group's business model in Germany and enable it to focus more on international wholesale banking. BNP Paribas said the acquisition will scale up its wealth management assets under management (AUM) by more than EUR40 billion. AAStocks Financial News |
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