BNP Paribas Acquires HSBC’s German Custody & Depositary Bank Business
BNP Paribas Securities Services, a global custodian with €14.3 trillion in assets under custody, has agreed to acquire the custody and depositary bank business of HSBC Continental Europe S.A. in Germany, pending regulatory approvals. The deal solidifies BNP Paribas' position as a leading custodian and top depositary bank in Germany, aligning with its growth strategy for institutional funds and financial intermediaries.
The transaction will enhance BNP Paribas' offerings for insurance companies in Germany, expanding its client franchise. Patrick Colle, Head of Securities Services at BNP Paribas, emphasized the strategic importance of the acquisition in strengthening the bank's global-local model and expanding its capabilities in targeted markets.
