Cross-border team advises HSBC on the sale of its private banking business in Germany

Global law firm Norton Rose Fulbright has advised HSBC on the sale of its private banking business to BNP Paribas.

The transaction, which is subject to regulatory approvals and the finalisation of negotiations with the works council in Germany, is expected to close in the second half of 2025. As part of the sale, around 120 HSBC employees in Germany are expected to transfer to the German branch of BNP Paribas. Furthermore, the acquisition will double BNP Paribas' assets under management in Germany to around EUR 40 billion. 

HSBC was advised by an international team from Norton Rose Fulbright led by Munich partners Frank Henkel and Dr Katrin Stieß as well as London partner Emma de Ronde (all Corporate/M&A). 

Frank Henkel comments: ‘We are delighted that we were able to support our client in this strategically important transaction. Our international team, consisting of lawyers from various disciplines from several countries, worked closely with HSBC to ensure a smooth process and a successful completion of the transaction.’

The Norton Rose Fulbright team acting for HSBC Germany included:

Norton Rose Fulbright Germany

Frank Henkel, Dr Katrin Stieß (both lead, partner, Corporate/M&A), Dr Malte Ingwersen, Dr Nicolas Daamen (both Counsel, Corporate/M&A), Alexander Matthes, Johannes Diez (both Senior Associate, Corporate/M&A), Claudia Posluschny (partner, Employment), Stefanie Grosche-Radina (Counsel, Employment), Michaela Bachmeier (Senior Associate, Employment), Dr Frank Herring (Senior Consultant, Banking Regulatory Law), Jochen Mann (Counsel, Banking Regulatory Law), Dr Christoph Ritzer (partner, Data Protection), Natalia Filkina (Senior Associate, Data Protection), Dr Tim Schaper (partner, Antitrust and Competition law), Dr Tobias Teichner (Senior Associate, Antitrust and Competition law), Tino Duttine (partner, Tax), Julia Gallinger (Senior Associate, Tax).

Norton Rose Fulbright London

Emma de Ronde (lead, partner, Corporate/M&A), Jack Whelan, Eleanor Jones (both Associate, Corporate/M&A), Dominic Stuttaford (partner, Tax).

Norton Rose Fulbright Paris

Benedicte Denis (partner, Corporate/M&A), Ines Azouaou, Mathieu de Korvin (both Associate, Corporate/M&A), Laure Joncour (partner, Employment), Marie-Therese Eugenio (Counsel, Employment).