BNP Paribas to acquire Germany private banking unit from HSBC.

BNP Paribas, a French international banking group, agreed to acquire Germany private banking unit from HSBC, a British universal bank and financial services group. Financial terms were not disclosed. “This acquisition is a new crucial step in positioning BNP Paribas Wealth Management among the leading players in Germany, where we believe our model is best suited to serve the long-term needs of entrepreneurial clients, leveraging on the strong franchises of the Group to both address their personal and corporate needs. It will therefore contribute to consolidate our position as the first Wealth Management player in the Eurozone,” Vincent Lecomte, BNP Paribas CEO.