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Bond Market News
BNP to Acquire HSBC’s Private banking Unit in Germany
September 24, 2024
BNP Paribas has signed a deal to acquire HSBC’s private banking unit in Germany, according to the press release by the company. This deal will push BNP Paribas Wealth Management among the top leading players in Germany and bringing its AuM over €40bn ($44.64bn). “This acquisition will allow us to consolidate our position as the top player in private banking in the eurozone,” commented Vincent Lecomte, CEO of BNP Paribas Wealth Management in the statement. The deal is expected to be closed in the second quarter of 2025. As of June 2024, BNP Paribas Wealth Management had a global AuM of €446bn ($495.5bn).
BNP’s dollar bonds traded stable with its BNP 8% Perp at 107.4, yielding 6.65%.
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