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Deutsche Bank Nears Deal To Transfer Prime Brokerage Business To BNP : Report

Deutsche Bank AG (DB) is nearing a deal to transfer its prime brokerage business to BNP Paribas SA (BNPQY.PK,BNP.L), Bloomberg reported citing a people familiar with the matter.

The report noted that the transaction might be announced as early as Monday. It didn't disclose the terms of the deal.

It is not clear what amount of assets, staff and technology will ultimately be moved from Deutsche Bank to BNP because the transaction could happen over several stages, the report said.

On Friday, Commerzbank AG said that it planned to cut 4,300 jobs, as part of its strategy. It also plans to sell its majority stake in mbank S.A.

Separately, Deutsche Bank said Sunday that it signed the Principles for Responsible Banking formulated by the UN Environment Programme Finance Initiative. The Principles provide a framework for the sustainable banking system of the future.

The purpose of the Principles is for the banking industry to play a leading role in supporting the UN Sustainable Development Goals and the Paris Climate Agreement. The Principles will be officially signed and launched on September 22 during the United Nations General Assembly.

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