BNP Paribas unveiled on Monday in a press release that it signed a deal with HSBC Holdings plc to take over the latter's private banking business in Germany.
The French bank detailed that the goal of this acquisition is to "position BNP Paribas Wealth Management among the top leading players in Germany and bringing its AuM [Assets under Management] to more than €40 billion."
Once the regulators have given their blessings, the transaction is expected to close in the second semester of 2025.
