Deutsche Bank, BNP announce prime finance, EQ deal

Monday, 23. September 2019 08:25

Deutsche Bank and BNP Paribas announced on Monday that they signed a master transaction agreement in order to enable a smooth transaction for their prime finance and electronic equities (EQ) clients from Deutsche Bank to BNP Paribas.

Clients, staff and services of Deutsche Bank will be completely moved to BNP Paribas in time, but Deutsche Bank will continue to provide the services in the transition period, too to "ensure a seamless transition for clients."

Deutsche Bank CEO Frank Kuhnke said: "This is an important milestone for our Capital Release Unit and attests to the strength of our client offering and technology in these products. We are already making progress and are on the right track to implement this transaction, thereby providing a clear path for clients and staff."

The deal remains subject to regulatory approval.

Related Links: Deutsche Bank AGBNP Banque Nationale de Paris Paribas S.A.
Author:
Breaking the News / VP