BNP Paribas acquires HSBC's German asset custody operations
BNP Paribas, a leading player in Europe's financial services sector, has announced its acquisition of HSBC Continental Europe's custody and depositary bank business in Germany. This strategic move is set to bolster BNP Paribas' Securities Services division and solidify its leadership in key European markets.
The acquisition forms part of BNP Paribas' targeted growth strategy, which leverages the bank's strength in asset custody and depositary services. The deal aligns with BNP Paribas' "global-local" model, a combination of global scale with deep local expertise.
The focus of the acquisition is on serving institutional clients in Germany's robust funds, insurance, and financial intermediary sectors. By absorbing HSBC's German custody business, BNP Paribas aims to expand its product and service offerings, catering to the growing demands of insurance companies and institutional investors in the region.
The deal supports BNP Paribas' ambitions to dominate European institutional services by expanding its footprint in a market valued at over €10 trillion. With this transaction, BNP Paribas strengthens its position as a top custodian and depositary bank in Germany, now ranking as the second-largest custodian in the country behind Deutsche Bank.
The acquisition boosts BNP Paribas' Securities Services business, which already manages €14.3 trillion in global assets under custody, with €1.6 trillion in Germany alone. The addition of HSBC’s German operations will further increase these figures, reinforcing BNP Paribas’ standing as a global leader.
The deal includes the transfer of 120 HSBC employees, ensuring continuity and deepening BNP Paribas’ local operational expertise. The services currently provided by HSBC Continental Europe S.A., Germany will transition to BNP Paribas Securities Services.
Completion of the acquisition is subject to regulatory approvals and the conclusion of consultations with employee representatives. Both banks are committed to a smooth transition for clients and staff. The integration process, including a phased migration of clients, is set to begin in early 2026.
Patrick Colle, head of securities services and chairman of financial institutions coverage at BNP Paribas, stated that the acquisition supports the strategic goal to expand BNP Paribas' presence and capabilities in targeted markets, both in Europe and globally. Thorsten Gommel, regional head of Germany, Austria, Netherlands & Nordics for Securities Services at BNP Paribas, expressed ambitions to further grow the bank's operations within the region, both in terms of footprint and product offering.
The combination of BNP Paribas' on-the-ground expertise and broadening offering will enable the bank to provide clients with industry-leading services. According to Thorsten Gommel, this acquisition is the perfect opportunity to continue scaling up BNP Paribas' expertise and innovation capacity to provide clients with industry-leading services. The acquisition complements BNP Paribas' long-term growth trajectory in one of its core European markets.
The acquisition is particularly significant among institutional fund managers, financial intermediaries, and insurance firms. The deal is intended to reinforce BNP Paribas' role as a long-term trusted partner to its clients, as stated by Patrick Colle. Lutz Diederichs, CEO of BNP Paribas Germany, mentioned the acquisition further expands BNP Paribas Group's strong position in Germany as one of its core markets.
The deal was announced on June 27, 2025. The acquisition underlines BNP Paribas’ ambition to be the leading custodian in Europe, capitalizing on consolidation trends and leveraging its integrated bank model for long-term growth.
The acquisition of HSBC Continental Europe's custody and depositary bank business in Germany by BNP Paribas will expand its product and service offerings, primarily catering to the growing demands of insurance companies and institutional investors in the German financial, insurance, and business sectors. This strategic move aligns with BNP Paribas' global-local model, aiming to reinforce its leadership in key European markets, particularly in the banking-and-insurance industry.
