BNP Paribas Acquires HSBC's Private Banking Activities in Germany

27 Sep, 2024

BNP Paribas Acquires HSBC's Private Banking Activities in Germany

BNP Paribas has announced the acquisition of HSBC's Private Banking activities in Germany, aiming to establish itself as one of the top wealth management players in the country, increasing its Assets under Management (AuM) to over €40bn. Germany, recognized as a key market for BNP Paribas, presents strong growth potential, particularly among the Mittelstand (German SMEs) and the German Entrepreneurs and Families client segment. This acquisition will allow BNP Paribas Wealth Management to offer comprehensive services to entrepreneurial clients, including investment and corporate banking, as well as asset management.

HSBC’s Private Banking activities, with a strong focus on high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, will enhance BNP Paribas Wealth Management’s presence, especially in North Rhine-Westphalia. This move will strengthen BNP Paribas' position as the leading wealth management player in the eurozone, where its global AuM stands at €446bn as of June 2024.

Vincent Lecomte, CEO of BNP Paribas Wealth Management, highlighted the acquisition as a strategic step to address the long-term needs of entrepreneurial clients. Lutz Diederichs, CEO of BNP Paribas Germany, emphasized that this expansion will integrate wealth management into BNP Paribas' diversified services portfolio, strengthening its growth in the German market.