BNP Paribas has acquired HSBC’s personal banking enterprise in Germany because it seeks to develop its wealth administration enterprise throughout Europe.
BNP Paribas Wealth Administration will give attention to high-net price and extremely high-net price people within the North Rhine-Westphalia space.
The agency will supply a spread 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 consider our mannequin is greatest suited to serve the long-term wants of entrepreneurial purchasers, leveraging on the sturdy franchises of the group to each tackle their private and company wants,” stated Vincent Lecomte, chief government of BNP Paribas Wealth Administration.
“It is going to due to this fact 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 purchasers into the complete portfolio of providers of the BNP Paribas Group, specifically 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 International Administration to finance investment-grade, asset-backed credit score.
Learn extra: Apollo inks $5bn funding dedication from BNP Paribas