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BNP Eyes Top European Equity Spot After Deutsche Bank Deal

  • Bank announces completion of transfer of Deutsche prime assets
  • BNP gained some Credit Suisse clients after referral agreement
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BNP Paribas SA is aiming to become Europe’s top equities-trading player after completing the integration of Deutsche Bank AG’s prime-brokerage assets.

Paris-based BNP finished on-boarding all the technology and assets, along with some 900 staffers, from the German lender late last year, according to a statement Wednesday. Announced in 2019, the deal is part of an effort by Chief Executive Officer Jean-Laurent Bonnafe to bulk up an equities business long in the shadow of BNP’s larger fixed-income unit. Now, the bank has a new objective.