BNP Paribas And Deutsche Bank Agree Client Transfers
BNP Paribas and Deutsche Bank sign an agreement to provide service continuity to Deutsche Bank’s Global Prime Finance and Electronic Equities clients.
Milestone in Deutsche Bank’s transformation strategy: Agreement between BNP Paribas and Deutsche Bank regarding prime finance and electronic equities.
View the joint statement here https://t.co/0UehqDcqz2
— Deutsche Bank (@DeutscheBank) September 23, 2019
Following on from their preliminary agreement, BNP Paribas and Deutsche Bank have signed a master transaction agreement to provide continuity of service to Deutsche Bank’s Global Prime Finance and Electronic Equities clients. Under the agreement, Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas.
The two firms will work closely together to ensure a seamless transition for clients, through the migration of technology and key staff from Deutsche Bank to BNP Paribas. This binding agreement remains subject to regulatory approvals from the relevant authorities.
“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. We are already making progress and are on the right track to implement this transaction and provide certainty for clients and staff,” said Frank Kuhnke, Chief Operating Officer, Deutsche Bank.
“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,” said Yann Gérardin, Deputy Chief Operating Officer and Head of Corporate and Institutional Banking, BNP Paribas.
About European cash equity execution and Exane BNP Paribas
Exane BNP Paribas is the natural partner for BNP Paribas as the Bank expands its Global Markets and Global Brokerage businesses, and it will continue to be the Bank’s European cash equity execution partner.
Over the past 15 years, Exane BNP Paribas has built up an exceptional European brokerage with a number 1-ranked research franchise, a top-quality execution platform including a market-leading electronic trading team and strong relationships with institutional investors.
In the context of this agreement with Deutsche Bank, Exane BNP Paribas and BNP Paribas will work together to develop a high quality, market-leading and client-focused execution and advisory franchise.
Source: BNP Paribas
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