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
United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets. GHSW, LLC. is recalling Trader Joe's Southwest Style Sweet Potato Sauté Bowl citing undeclared milk and egg allergens in the dressing, according to the Food and Drug Administration. The recall was initiated after it was discovered that the dressing in the bowl contains milk and egg, but are not declared on the label. California Gov. Gavin Newsom signed an executive order on Wednesday that bans the sale of new gasoline-powered vehicles in the state by 2035. With this, California plans to phase out the sale of all gasoline-powered vehicles and to drastically reduce demand for fossil fuel in its fight against climate change. The order directs the California Air Resources Board to develop a plan.
Follow RTT