BNP Paribas has acquired HSBC’s non-public banking enterprise in Germany because it seeks to develop its wealth administration enterprise throughout Europe.
BNP Paribas Wealth Administration will deal with high-net price and extremely high-net price people within the North Rhine-Westphalia space.
The agency will supply a variety of providers, together with funding and company banking and asset administration choices.
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“This acquisition is a brand new essential step in positioning BNP Paribas Wealth Administration among the many main gamers in Germany, the place we imagine our mannequin is greatest suited to serve the long-term wants of entrepreneurial shoppers, leveraging on the robust franchises of the group to each deal with their private and company wants,” mentioned Vincent Lecomte, chief government of BNP Paribas Wealth Administration.
“It should subsequently contribute to consolidate our place as the primary wealth administration participant within the Eurozone.”
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Lutz Diederichs, chief government of BNP Paribas Germany, added that wealth administration in Germany will function an entry portal for the agency’s shoppers into the whole portfolio of providers of the BNP Paribas Group, particularly in company and institutional banking, actual property, asset administration and securities providers.
Information of the acquisition comes simply days after BNP introduced a $5bn (£3.8bn) funding dedication to Apollo World Administration to finance investment-grade, asset-backed credit score.
Learn extra: Apollo inks $5bn funding dedication from BNP Paribas
