BNP Paribas, Deutsche Bank secure approvals for agreement regarding Global Prime Finance & Electronic Equities

Maria Nikolova

The agreement to refer clients and to transfer technology and key staff from Deutsche Bank’s Global Prime Finance and Electronic Equities businesses to BNP Paribas is now unconditional.

BNP Paribas and Deutsche Bank today announce that the agreement to refer clients and to transfer technology and key staff from Deutsche Bank’s Global Prime Finance and Electronic Equities businesses to BNP Paribas has received the necessary approvals. As a result, the agreement has become unconditional.

This important milestone was achieved within a short period thanks to the collaboration between the teams of BNP Paribas and Deutsche Bank as well as the banks’ strong commitment to ensure a continuity of service to their global institutional clients.

Let’s recall that, in July 2019, Deutsche Bank’s Management Board announced a series of measures to restructure the bank’s operations. These measures included, inter alia, the bank’s exit of Global Equities and a significant reduction in Corporate and Investment Banking risk weighted assets.

Deutsche Bank said back then it will exit its Equities Sales & Trading business, while retaining a focused equity capital markets operation. In addition, the bank unveiled plans to resize its Fixed Income operations in particular its Rates business and to accelerate the wind-down of its existing non-strategic portfolio. In aggregate, Deutsche Bank plans to reduce risk-weighted assets currently allocated to these businesses by approximately 40%.

In September 2019, BNP Paribas and Deutsche Bank announced the signing of a master transaction agreement to provide continuity of service to Deutsche Bank’s Global Prime Finance and Electronic Equities clients. Under the agreement Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas.

Both companies said that they will work closely together to ensure a seamless transition for clients, through the migration of technology and key staff from Deutsche Bank to BNP Paribas.

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