Deutsche Bank (DB) has successfully transferred clients, technology and 900 key staff from its global prime finance and electronic equities businesses to BNP Paribas.
The successful two-year-long global integration was completed as of the end of 2021.
The combined unit, along with a recently announced referral of clients from Credit Suisse, is set to propel BNP Paribas into the top tier of prime brokers – alongside the likes of Goldman Sachs, JP Morgan and Morgan Stanley.
“By leveraging the strengths of our integrated platform, BNP Paribas is well-positioned to be the leading European prime services player on the global stage,” says Olivier Osty, head of global markets, BNP Paribas.
Rebecca Short, chief transformation officer, Deutsche Bank, adds: “With the completion of this complex transition on schedule, Deutsche Bank has achieved a key milestone in its ongoing transformation that is seeing it re-focus its business to become sustainably profitable.”