BNP Paribas took over the activities of HSBC Private Banking in Germany, thus continuing to expand its presence in wealth management. The announcement comes directly from the French institution which states that the operation will bring the bank's assets under management beyond the threshold of 40 billion euros. Bnp Paribas did not reveal the purchase price, however.
“This acquisition will allow us to consolidate our position as the leading player in the private banking sector in the eurozone,” said Vincent Lecomte, CEO of BNP Paribas Wealth Management, in a note.
Bnp Paribas-Hsbc: transaction closing in Q2025 XNUMX
The transaction is expected to close on second half of the 2025, once regulatory approvals have been obtained.
Focusing on Asia, where it has its largest presence, HSBC has also cut other activities in Western markets in recent years, including the US, France and Canada, reducing the perimeter of what was once an empire active on a global scale, and which led the group to define itself on the market as “the local bank of the world”.
The announcement by BPN Paribas comes a few months after that of ABN Amro, which acquired Hauck & Aufhäuser Lampe Privatbank, one of Germany's leading private banks, for 672 million euros.
Stock market reaction
The title in Paris Bnp Paribas drops more than 3% of its value, falling to 62,95 euros per share, while in London HSBC shares rose by 0,7% to 665,30 pounds.
