Global law firm Clifford Chance has advised BNP Paribas on its intended acquisition of HSBC’s Private Banking activities in Germany. The French group announced today, Monday, that a corresponding agreement has been reached. The acquisition will be a crucial step in positioning BNP Paribas Wealth Management among the leading players in Germany and bringing its AuM (Assets under Management) to more than €40 billion. The closing of this transaction is expected during the second semester of 2025, once regulatory approvals have been obtained.
Germany is a key strategic market for BNP Paribas and offers strong growth potential for wealth management activities, most notably within the Mittelstand (German SMEs) and with the German Entrepreneurs and Families client segment. With a strong focus on HNW and UHNW (High-net-worth and Ultra-high-net-worth) individuals and a complementary regional coverage, most notably in North Rhine-Westphalia, HSBC’s Private Banking activities perfectly fit within BNP Paribas Wealth Management’s model.
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe.
The legal inhouse team at BNP Paribas was led by Louis-Philippe Vasconcelos (Global Head of M&A/Private Equity – Legal) and Solène Thomas (M&A Legal Counsel). Maarten van Beusekom (Global Head of Legal BNP Paribas Wealth Management) also acted for the wealth management related legal topics.
The Clifford Chance team for BNP Paribas was led by partner Thomas Krecek (Frankfurt) and comprised senior associate Thomas Conradi (Munich), associate Vera Burdenski and transaction lawyer Niklas Alexander Schmitz (both Frankfurt, all Corporate/M&A), partners Dominik Engl and Felix Mühlhäuser, counsel Claus-Peter Knöller, tax consultant Leonie Gebauer (all Tax, Frankfurt and Munich), partners Christopher Fischer and Stefan Simon, associate Julia Kolb (all Employment, Frankfurt), partner Holger Lutz, counsel Nadine Neumeier, senior associate Michael Kümmel and associate Anna-Lena Bußer (all Tech/Digital, Frankfurt), partner Marc Benzler, senior counsel Kerstin Schaepersmann, senior associates Judith Werkmeister and Helene Uffelmann (all Banking Regulatory, Frankfurt and Munich), partner Marc Besen, senior associate Johannes Lüer and associate Lisa Rotterdam (all Antitrust, Düsseldorf) as well as associate Christian Primus (Litigation, Frankfurt).
