BNP Paribas Expands Wealth Management Footprint in Germany by Acquiring HSBC’s Private Banking Division

BNP Paribas Expands Wealth Management Footprint in Germany by Acquiring HSBC’s Private Banking Division

(IN BRIEF) BNP Paribas has signed an agreement to acquire HSBC’s private banking operations in Germany, aiming to enhance its wealth management services and increase its assets under management to over €40 billion. This strategic acquisition targets growth within the German market, particularly among small and medium-sized enterprises and affluent families. BNP Paribas plans to leverage its comprehensive service offerings, enhancing its competitive position in the wealth management sector. The transaction is expected to close in the second half of 2025, pending regulatory approvals.

(PRESS RELEASE) PARIS, 25-Sep-2024 — /EuropaWire/ — In a significant development for the wealth management sector, BNP Paribas has reached an agreement to acquire HSBC’s private banking operations in Germany. This strategic move aims to enhance BNP Paribas Wealth Management’s standing among the top wealth management firms in the country, with a goal to surpass €40 billion in assets under management (AuM).

Germany is identified as a vital market for BNP Paribas, offering considerable growth opportunities, particularly among small and medium-sized enterprises (Mittelstand) and affluent families. BNP Paribas plans to leverage its integrated business model to provide tailored services that encompass investment banking, corporate banking, and asset management, ensuring comprehensive support for its entrepreneurial clients.

HSBC’s private banking division, which has a strong presence in high-net-worth (HNW) and ultra-high-net-worth (UHNW) segments, aligns seamlessly with BNP Paribas Wealth Management’s objectives. This acquisition will enhance BNP Paribas’s regional coverage, particularly in North Rhine-Westphalia, positioning the firm as a leading player in Germany’s wealth management landscape. Currently, BNP Paribas Wealth Management holds the title of the largest private bank in the Eurozone, with AuM totaling €446 billion as of June 2024.

“This acquisition marks a pivotal step in our mission to establish BNP Paribas Wealth Management as a leader in Germany,” stated Vincent Lecomte, CEO of BNP Paribas Wealth Management. “Our model is ideally suited to meet the long-term needs of entrepreneurial clients, leveraging our extensive group resources to serve both personal and business requirements.”

Lutz Diederichs, CEO of BNP Paribas Germany, emphasized the significance of this move: “With over 75 years in Germany, our diverse range of services positions us uniquely within the banking sector. Developing our wealth management franchise is crucial to our growth strategy in the German economy.”

The transaction is anticipated to close in the second half of 2025, pending the necessary regulatory approvals.

Media Contact:

Giaime Porcu
giaime.porcu@bnpparibas.com
+33 (0) 6 07 06 07 55

SOURCE; BNP Paribas