FRANKFURT: BNP Paribas announced Thursday that its Securities Services business has agreed to acquire the custody and depositary bank operations of HSBC Continental Europe S.A. in Germany, pending regulatory approvals.
The deal will bolster BNP Paribas’ position as a top custodian and depositary bank in Germany, aligning with its growth strategy in institutional funds and financial intermediaries. The acquisition will also expand its services for insurance clients in the region.
BNP Paribas, which holds €14.3 trillion in assets under custody globally, will integrate HSBC’s German custody operations, ensuring a smooth transition for clients. Staff from HSBC’s custody business in Germany will transfer to BNP Paribas.
Patrick Colle, head of Securities Services at BNP Paribas, said the move supports the bank’s strategy to strengthen its presence in key European and global markets. Lutz Diederichs, CEO of BNP Paribas Germany, highlighted the acquisition as part of the group’s expansion in one of its core markets.
Thorsten Gommel, regional head of Securities Services for Germany, Austria, the Netherlands and the Nordics, said the deal will enhance the bank’s local expertise and service offerings.
The transaction is expected to begin implementation in early 2026, with clients transitioned in phases.