By Regulatory News:
HSBC Continental Europe has reached an agreement to sell its private banking business in Germany to BNP Paribas. The potential transaction is subject to relevant governmental approvals and the
conclusion of negotiations with the Works Council in Germany. The potential transaction, which is anticipated to generate a gain on sale, is expected to complete in the second half of 2025.
Approximately 120 staff members and the assets and customers of HSBC Germany’s private banking business would be transferred to BNP Paribas as part of the sale.
Michael Schleef, CEO of HSBC Germany, said: “We are very pleased that we have found a strategic buyer for our private banking activities in Germany who is well positioned to take the business
forward. The transaction will simplify our business model in Germany and will enable us to further focus on our international wholesale banking business.”
