Even before rumours emerged this year that HSBC was selling its German private-banking business, the country was a strategic priority for Vincent Lecomte, chief executive of BNP Paribas Wealth Management. During the past 15 years, mostly under Lecomte, BNPP has steadily grown into a mid-tier player in German wealth, from the ground up.
Now, the agreement to buy HSBC’s German private-banking activities signals a much clearer top-tier ambition. The acquisition will bring BNPP’s assets under management in German wealth to €40 billion: more than double its position today, according to research from Citi.
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