BNP Takes Advantage of Deutsche Bank Revamp With Equities Deal
- French bank to assume control of Deutsche’s prime services
- Employees, technology may be transfered to BNP eventually
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BNP Paribas SA became the first bank to take advantage of Deutsche Bank AG’s retrenchment in equities, agreeing to back up and potentially assume control of electronic trading and prime services for hedge funds now run by the German lender.
France’s largest bank entered a preliminary agreement “to provide continuity of service to prime finance and electronic equities clients,” Frankfurt-based Deutsche Bank said in a statement Sunday. The agreement is still subject to approvals and would allow a transfer of technology and staff to BNP Paribas in due course.