BNP Paribas has agreed to buy the private banking operations of HSBC in Germany as it accelerates its expansion drive in a deal that will grow its exposure to wealthy entrepreneurs in Europe’s biggest economy.
Flush with cash from the $16.3bn sale of Bank of the West in the US that closed last year, the Eurozone’s largest bank has been extending in areas such as wealth and asset management.
Although not disclosing financial details, the bank is seeking to double its wealth assets under management in Germany to more than €40bn with the acquisition, which is set to close next year.
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