HSBC Holdings plc has sold its private banking activities in Germany to BNP Paribas, marking a strategic move for both financial institutions. The deal, which aims to close in the second half of 2025, will see BNP Paribas leverage its integrated business model to cater to German entrepreneurs and families, strengthening its position in the German wealth management market.
BNP Paribas experienced a 2.2% drop in group net income for the first quarter of the year, reaching 3.10 billion euros. However, this surpassed analyst estimates of 2.4 billion euros. Revenues remained relatively stable at 12.5 billion euros, exceeding the average analyst forecast of 12.2 billion euros. The corporate banking segment performed well, driving overall results, while other divisions faced challenges. The bank remains optimistic, reiterating its target of earning over 11.2 billion euros in 2024 and anticipating revenue growth of more than 2% compared to 2023 distributable sales.
