HSBC's Arm to Exit German Custody Business Under Simplification Plan

Key Takeaways HSBC's arm agreed to sell its German custody business to BNP Paribas as part of its simplification strategy. The deal includes all custody assets and clients, with transfers set to begin in early 2026 after approvals. HSBC targets $1.5B in annual savings by 2026 through global business exits and cost realignment.HSBC Holdings Plc’s (HSBC) subsidiary, HSBC Continental Europe,has reached an agreement to sell its custody operations in Germany to BNP Paribas (BNPQY) . This potential transaction ...