27th Jun 2025 16:56
(Alliance News) - BNP Paribas SA on Friday said its Securities Services business has entered an agreement with HSBC Holdings PLC to buy its custody and depositary bank business in Germany.
The Paris-based lender said the transaction to buy the custody and depositary bank business of HSBC Continental Europe SA will strengthen its position as a "leading custodian and top depositary bank in Germany".
It said the Securities Services business will build out its client franchise by expanding its products and services for insurance companies in Germany through the acquisition.
The companies said the agreement provides for the "seamless transfer" of the services currently provided by HSBC Continental Europe SA, Germany to BNP Paribas' German Securities Services business.
The financial details of the transaction were not disclosed.
"As we continue to strengthen our global-local, integrated bank model at the service of our institutional client franchise, this transaction underpins our strategic goal to expand our presence and capabilities in targeted markets, both in Europe and globally," said BNP Paribas' Head of Securities Services Patrick Colle.
"The combination of our on-the-ground expertise in all major markets and our broadening offering enables us to build upon our leadership while reinforcing our role as a long-term trusted partner to our clients."
Shares in BNP Paribas were up 1.9% at EUR76.70 in Paris on Friday afternoon. HSBC shares were up 1.0% at 884.30 pence in London.
By Michael Hennessey, Alliance News reporter
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