BNP Paribas Agrees to Buy HSBC Unit in German Wealth Push
- Deal takes bank’s local wealth management AUM to €40 billion
- ABN Amro also recently took over a German private bank
This article is for subscribers only.
BNP Paribas SA agreed to buy HSBC Holdings Plc private banking operations in Germany, as the French lender seeks a bigger slice of the nation’s growing market for wealth management.
Adding the unit will take assets under management in BNP Paribas’ local wealth management business to more than €40 billion ($44.6 billion), according to a statement on Monday. BNP Paribas didn’t disclose the purchase price.