BNP Paribas to acquire the custody and depositary business of HSBC.

BNP Paribas, a banking and financial services provider, agreed to acquire the custody and depositary business of HSBC, a bank and financial services group. Financial terms were not disclosed. “With this acquisition, we are further expanding the strong position of the BNP Paribas Group in Germany as one of our core markets. It is part of our growth strategy, which also includes targeted acquisitions in selected areas. Our clients benefit from our broad range of services across twelve different business lines, which is unique in the German market and ranges from Global Markets, via Global Banking to Wealth Management,” Lutz Diederichs, BNP Paribas Germany CEO.