By Elena Vardon
HSBC is selling its private-banking activities in Germany to France's BNP Paribas.
The agreement covers 120 employees as well as the assets and customers of HSBC Germany's private-banking business, the banks said Monday.
The deal is expected to close during the second half of 2025, subject to approvals, they added.
While no financial details were disclosed, a gain on the sale is expected, HSBC Continental Europe said.
"The transaction will simplify our business model in Germany and will enable us to further focus on our international wholesale banking business," HSBC Germany Chief Executive Officer Michael Schleef said.
For the French lender, the deal places BNP Paribas Wealth Management among the top players in Germany and brings its assets under management to more than 40 billion euros, it said in a separate statement.
"Wealth Management in Germany serves as an entry portal for our clients into the entire portfolio of services of the... group," BNP Paribas Germany CEO Lutz Diederichs said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 23, 2024 03:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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