Deutsche Bank and BNP Paribas reached a master transaction agreement yesterday. According to Reuters, the transaction happens in order to assure service continuity to Deutsche’s global prime finance and electronic equities clients.
Deutsche Bank said in a statement on Monday that it will continue to operate the platform until clients can be migrated to BNP Paribas.
Deutsche Bank mentioned the preliminary agreement with BNP back in July, covering the business that serves hedge funds as part of its 7.4 billion euro ($8.16 billion) overhaul and transferring up to 800 staff to BNP, with tens of billions of euros also changing hands.