HSBC Sells Germany Private Banking Business with Around 120 Staff to France BNP Paribas, Sale via HSBC Continental Europe with 10 European Branches in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain & Sweden and 2 Banking Subsidiaries in Luxembourg and Malta
24th September 2024 | Hong Kong
HSBC has announced to sell HSBC Germany Private Banking business with around 120 staff to France BNP Paribas. The sale is via HSBC Continental Europe, which has 10 European branches in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain & Sweden and 2 banking subsidiaries in Luxembourg and Malta. In 2024 April, HSBC was reported to be reviewing plan to sell HSBC Germany wealth management, custody & fund administration business. In 2024 August, HSBC was reported to be exploring selling HSBC South Africa business to focus on Asia. HSBC had entered into South Africa 29 years ago in 1995. In 2024 January, HSBC completed the sale of HSBC retail banking in France to Crédit Commercial de France (CCF) on 1st January 2024, with HSBC to focus on becoming a leading international wholesale bank in Europe and targeted wealth & private banking business. HSBC (23/9/24): “HSBC Continental Europe has reached an agreement to sell its private banking business in Germany to BNP Paribas. The potential transaction is subject to relevant governmental approvals and the conclusion of negotiations with the Works Council in Germany. The potential transaction, which is anticipated to generate a gain on sale, is expected to complete in the second half of 2025. Approximately 120 staff members and the assets and customers of HSBC Germany’s private banking business would be transferred to BNP Paribas as part of the sale.
“ HSBC Sells Germany Private Banking Business with Around 120 Staff to France BNP Paribas, Sale via HSBC Continental Europe with 10 European Branches in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain & Sweden and 2 Banking Subsidiaries in Luxembourg and Malta “
Michael Schleef, CEO of HSBC Germany: “We are very pleased that we have found a strategic buyer for our private banking activities in Germany who is well positioned to take the business forward. The transaction will simplify our business model in Germany and will enable us to further focus on our international wholesale banking business.”
HSBC Continental Europe – Headquartered in Paris, HSBC Continental Europe is an indirectly held subsidiary of HSBC Holdings plc. HSBC Continental Europe principally comprises, in addition to its banking, insurance and asset management activities based in France, the business activities of 10 European branches (in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain and Sweden) and two banking subsidiaries in Continental Europe (in Luxembourg and Malta). HSBC Continental Europe’s mission is to serve both customers in Continental Europe for their needs worldwide and customers in other Group countries for their needs in Continental Europe.
HSBC Holdings plc – HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Global Private Banking – HSBC Global Private Banking helps clients manage, grow and preserve their wealth for generations to come. Its network of global experts helps clients access investment opportunities around the world, plan for the future with wealth and succession planning, manage their portfolio with tailored solutions, and find the right support for their philanthropy.
BNP Paribas – BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries with around 183,000 employees, including nearly 146,000 in Europe. The BNP Paribas Group has been active in Germany since 1947 and has successfully positioned itself on the market with twelve entities. Private customers, companies and institutions are looked after by roughly 6,000 employees in all relevant economic regions all over the country. The wide-ranging products and services offered by BNP Paribas are that of an innovative universal bank. Germany is a core market for the BNP Paribas Group as the targeted growth here is geared towards continuity and one of the cornerstones of BNP Paribas’ strategy for Europe. BNP Paribas is a market leader in many areas or occupies key positions on the market and is one of the best capitalised banks in the world.
HSBC Reported to Explore Selling HSBC South Africa Business to Focus On Asia, HSBC Entered Into South Africa 29 Years Ago In 1995
21st August 2024 – HSBC has been reported to be exploring selling HSBC South Africa business to focus on Asia. HSBC had entered into South Africa 29 years ago in 1995. HSBC current market value at is at $156 billion. In 2024 July, HSBC reported $17.7 billion net profit (after tax) & $37.2 billion revenue for 2024 1st half, with a total of $1.8 trillion wealth balances, $390 billion private banking invested assets, $412 billion retail invested assets, HSBC Asset Management 3rd-party distribution $469 billion, and Wealth Deposits from Premier, Jade & Private Banking of $530 Billion AUM. For 2024 1st half, HSBC reported $32 billion in Net New Invested Assets, HSBC Asset Management with $684 billion AUM, HSBC Private Banking $479 billion AUM. HSBC Revenue Breakdown – Wealth & Personal Banking with $14.3 billion, Commercial Banking $10.8 billion, Global Banking & Markets $8.7 billion & Corporate Centre $3.3 billion.
HSBC Reports $17.7 Billion Net Profit & $37.2 Billion Revenue for 2024 1st Half, Total $1.8 Trillion Wealth Balances, $390 Billion Private Banking Invested Assets, $412 Billion Retail Invested Assets, HSBC Asset Management 3rd-Party Distribution $469 Billion, Wealth Deposits from Premier, Jade & Private Banking $530 Billion, $32 Billion Net New Invested Assets, HSBC Asset Management $684 Billion AUM, HSBC Private Banking $479 Billion AUM, Revenue Breakdown – Wealth & Personal Banking with $14.3 Billion, Commercial Banking $10.8 Billion, Global Banking & Markets $8.7 Billion & Corporate Centre $3.3 Billion
31st July 2024 – HSBC has reported $17.7 billion net profit (after tax) & $37.2 billion revenue for 2024 1st half, with a total of $1.8 trillion wealth balances, $390 billion private banking invested assets, $412 billion retail invested assets, HSBC Asset Management 3rd-party distribution $469 billion, and Wealth Deposits from Premier, Jade & Private Banking of $530 Billion AUM. For 2024 1st half, HSBC reported $32 billion in Net New Invested Assets, HSBC Asset Management with $684 billion AUM, HSBC Private Banking $479 billion AUM. HSBC Revenue Breakdown – Wealth & Personal Banking with $14.3 billion, Commercial Banking $10.8 billion, Global Banking & Markets $8.7 billion & Corporate Centre $3.3 billion.
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