BNP Paribas closes takeover of HSBC Private Banking in Germany

BNP Paribas SA on Monday said it has completed its acquisition of HSBC Private Banking activities in Germany, in a "major milestone" for the group in Europe.

The Paris-based bank agreed the takeover deal with HSBC Holdings PLC in September 2024, and the financial terms were not disclosed.

The acquisition brings the combined assets under management for BNP Paribas Wealth Management to nearly EUR50 billion.

"This acquisition is a new crucial step for BNP Paribas Wealth Management as it enables us to more than double our size in Germany and to join the premier league of local German players," said BNP Paribas Wealth Management Chief Executive Officer Vincent Lecomte.

"Leveraging on BNP Paribas' diversified and integrated business model, we aim to provide Mittelstand SMEs and Entrepreneurs and Families with a comprehensive service offering, ranging from investment and corporate banking to asset management, all pooled from BNP Paribas' well-established different franchises. We are delighted to welcome the HSBC Private Banking teams, who help us build an even stronger franchise in Germany to better serve those clients."