Deutsche Bank begins transfer of prime brokerage business to BNP Paribas
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Deutsche Bank begins transfer of prime brokerage business to BNP Paribas 23 September 2019Frankfurt Reporter: Maddie Saghir
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Deutsche Bank has begun the transfer of its global prime finance and electronic equities business to BNP Paribas, following the signing of a master transaction agreement.
As part of the agreement, Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas in order to ensure continuity of service.
The agreement includes migration of related technology and key staff from Deutsche Bank. Specific details on the timeframe or scale of the business transfer are currently unavailable.
The bank is also looking to shed up to 18,000 jobs and scale back its activities in several investment business lines that it considers to be too far from its traditional core offering.
Frank Kuhnke, COO of Deutsche Bank, commented: “We are pleased to have signed the master transaction agreement with BNP Paribas on schedule. This is an important milestone for our capital release unit and attests to the strength of our client offering and technology in these products.”
Yann Gérardin, deputy COO and head of corporate and institutional banking at BNP Paribas, said: “I'm excited to announce the signing of this agreement, thanks to the close cooperation between BNP Paribas and Deutsche Bank teams. We are now looking forward to welcoming staff and serving these new clients. This agreement demonstrates BNP Paribas’ strong commitment to institutional investors globally.”
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