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Deutsche Bank, BNP Paribas In Deal For Prime Finance And Electronic Equities

Deutsche Bank AG (DB) announced Monday that it has signed a master transaction agreement with BNP Paribas SA (BNPQY.PK,BNP.L) 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 transition for clients will be through the migration of technology and key staff from Deutsche Bank to BNP Paribas. This binding agreement remains subject to regulatory approvals of the relevant authorities.

Bloomberg had reported, citing a people familiar with the matter, that Deutsche Bank was nearing a deal to transfer its prime brokerage business to BNP Paribas.

Frank Kuhnke, Chief Operating Officer, Deutsche Bank, said, "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, thereby providing a clear path for clients and staff."

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