HSBC (NYSE: HSBC) Sells German Private Banking Unit to BNP Paribas in Major Deal

PARIS – BNP Paribas has signed a deal to buy HSBC Holdings’ (NYSE: HSBC) private banking unit in Germany as it continues expanding its wealth management footprint, the French lender said on Monday.

The deal, which BNP said should be closed in the second quarter of 2025, will push the bank’s assets under management to over 40 billion euros ($44.64 billion).

“This acquisition will allow us to consolidate our position as the top player in private banking in the eurozone,” Vincent Lecomte, a BNP executive, said in a statement.

Focusing on Asia where it has the most scale, HSBC (NYSE: HSBC) in recent years has also slashed other businesses in Western markets including the US, France, and Canada, shrinking a once globe-spanning empire that led it to market itself as “the world’s local bank”.

($1 = 0.8961 euros)

(Source: ReutersReuters)

BNP Paribas HSBC NYSE: HSBC

Mary Lee

Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.

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