Asianfin--BNP Paribas announced on Monday that it has signed an agreement to acquire HSBC's private banking division in Germany, as part of its ongoing strategy to grow its wealth management operations. The transaction, expected to be finalized in the second quarter of 2025, will boost BNP's assets under management to over €40 billion ($44.64 billion). "This acquisition strengthens our position as the leading private bank in the eurozone," said Vincent Lecomte, a BNP Paribas executive, in a statement. HSBC, which has been focusing on its operations in Asia where it has greater scale, has been scaling back its presence in Western markets like the U.S., France, and Canada in recent years, as part of its broader strategy to streamline its global footprint.