BNP Paribas Agrees to Buy German Private Banking Unit From HSBC.

BNP Paribas has agreed to acquire HSBC's private banking operations in Germany, expanding its local wealth management business. The deal will increase BNP Paribas' assets under management to over €40 billion. HSBC has been selling various businesses in Germany, and BNP Paribas expressed interest in the wealth management unit earlier this year. This acquisition follows ABN Amro's purchase of Hauck & Aufhäuser Lampe Privatbank AG, highlighting the growing demand for wealth services in Germany. [Extracted from the article]