BNP Paribas could sign Deutsche prime broking deal in September

BNP Paribas is actively working to sign a referral agreement for the prime brokerage and electronic execution platform of Deutsche Bank in September, according to BNPP’s COO Philippe Bordenave, speaking to Euromoney as the bank announced strong second-quarter results.

The technological complexity of the acquisition, however, means that full implementation may not be until the end of 2020.

“We want to further develop our strategic relationship with fund managers – this is absolutely key for us,” says Bordenave, explaining the attraction of the Deutsche Bank deal in spite of the fact that prime brokerage revenues at BNPP and competitors have generally fallen in the most recent quarter.