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Investing.com -- BNP Paribas (OTC:BNPQY) has entered an agreement to acquire HSBC’s custody and depositary bank business in Germany, the company announced on Friday.
The acquisition will strengthen BNP Paribas’ position as a leading custodian and top depositary bank in Germany, supporting its growth strategy in the region. BNP Paribas Securities Services, which currently has €14.3 trillion in assets under custody, will focus on expanding in the institutional funds and financial intermediaries segments.
Through this deal, BNP Paribas will also expand its products and services for insurance companies in Germany. The agreement ensures a seamless transfer of services currently provided by HSBC Continental Europe S.A., Germany to BNP Paribas’ Securities Services business in Germany.
Patrick Colle, Head of Securities Services & Chairman of Financial Institutions Coverage at BNP Paribas, said: "As we continue to strengthen our global-local, integrated bank model at the service of our institutional client franchise, this transaction underpins our strategic goal to expand our presence and capabilities in targeted markets, both in Europe and globally. The combination of our on-the-ground expertise in all major markets and our broadening offering enables us to build upon our leadership while reinforcing our role as a long-term trusted partner to our clients."
Lutz Diederichs, CEO of BNP Paribas Germany, emphasized that the acquisition is part of the bank’s growth strategy in Germany, which includes targeted acquisitions in selected areas. He noted that clients benefit from BNP Paribas’ broad range of services across twelve different business lines.
The custody business staff from HSBC Continental Europe S.A., Germany will transfer to BNP Paribas’ Securities Services business in Germany as part of the agreement. The implementation is expected to begin in early 2026 through a phased client migration.
The transaction is subject to regulatory approvals.
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