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Deutsche Bank, BNP reach transition agreement for global prime finance platform

Deutsche Bank, BNP reach transition agreement for global prime finance platform
FILE PHOTO: A man walks past a Deutsche Bank office in London, Britain July 8, 2019. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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BERLIN (Reuters) – Deutsche Bank <DBKGn.DE> and BNP Paribas <BNPP.PA> reached a master transaction agreement to assure service continuity to Deutsche’s global prime finance and electronic equities clients, the banks said on Monday.

Under the agreement, Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas, Deutsche said in a statement.

Deutsche Bank said in July it had struck a preliminary agreement with BNP covering the business that serves hedge funds as part of its 7.4 billion euro (6.5 billion pounds) overhaul.

(Reporting by Riham Alkousaa; Editing by Tassilo Hummel)

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