BNP Paribas signed a deal to acquire HSBC’s private banking unit in Germany, as the bank continues to expand its wealth management business in a deal that will bring the bank’s total assets under management over 40 billion euros ($44.64 billion).
The deal is expected to be completed in 2Q25.
BNP executive Vincent Lecomte announced in a statement that the purchases will allow the bank to consolidate its position as the leader in the eurozone private banking sector.
In recent years HSBC has been closing down its business in Western markets including the U.S., France, and Canada, opting to focus more on Asia where they have a larger presence there, and surrender its title as “the world’s local bank”.
