(Reuters) -BNP Paribas agreed with Europe’s biggest bank HSBC to acquire the custody and depositary bank business of HSBC Continental Europe in Germany, BNP Paribas said on Friday.
The agreement provides for the transfer of the services currently provided by HSBC Continental Europe, Germany, to BNP Paribas’ Securities Services business in Germany, it added.
The implementation of the deal is expected to begin in early 2026 through a phased client migration, the French bank said in a press release.
(Reporting by Anna Peverieri and Jerome Terroy, Editing by Louise Heavens)
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