logo
Plus   Neg
Share
Email

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. (INTC), the world's biggest chipmaker, Thursday said its profit and revenues for the fourth quarter trumped Wall Street estimates. The company's shares gained nearly 7 percent driven by strong outlook for the first quarter and full year 2020. Santa Clara, California-based Intel reported... ABH Pharma, Inc. and Stocknutra.com Inc. have recalled all of its dietary supplement products pursuant to a consent decree entered by the U.S. District Court for the Eastern District of New York. The companies have recalled all dietary supplement products manufactured and sold between January 2013... New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection, but said its stores will remain open across the Tri-State area during the court process and it does not expect any service interruptions. This is the second time the company has filed for bankruptcy. The company earlier filed for Chapter 11 bankruptcy protection in 2016.
Follow RTT
>