06:59 AM EDT, 09/23/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) agreed to sell its German private banking business to BNP Paribas, the companies said Monday.

Financial terms were not disclosed, but HSBC ( HSBC ) said the deal is "anticipated to generate a gain on sale." The transaction is expected to close in the H2 2025. About 120 HSBC Germany staff personnel will move to BNP Paribas as part of the sale.

HSBC Germany Chief Executive Michael Schleef said the transaction "will simplify our business model in Germany and enable us to further focus on our international wholesale banking business."

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