BNP Paribas Agrees to Acquire HSBC’s Private Banking Unit in Germany, Reports Reuters

PARIS – BNP Paribas has announced an agreement to acquire HSBC’s private banking unit in Germany, marking a significant step in its strategy to enhance its presence in the wealth management sector. The French bank expects the transaction to be finalized in the second quarter of 2025, which will elevate its assets under management to over 40 billion euros (approximately $44.64 billion).

Vincent Lecomte, an executive at BNP, highlighted the importance of this acquisition, stating that it will strengthen their position as a leading player in private banking within the eurozone.

In recent years, HSBC has been concentrating its efforts on the Asian market, where it holds a substantial market share, while simultaneously reducing its operations in Western countries like the United States, France, and Canada. This shift has resulted in a contraction of its once expansive global presence, which was previously promoted with the slogan "the world’s local bank."