BNP Paribas Acquires Bankhaus Plump Third Party Clearing Business In Germany

BNP Paribas Securities Services has acquired the third-party securities clearing and settlement activity of Bankhaus Carl F Plump, a private banking and asset management firm in Germany
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BNP Paribas Securities Services has acquired the third-party securities clearing and settlement activity of Bankhaus Carl F Plump, a private banking and asset management firm in Germany that is part of the MM Warburg Group.

The business, based in Bankhaus Plump’s head office in Bremen, includes clearing, settlement and custody, and securities financing provided to German brokers (known as ‘Maklers’) and securities trading banks (‘Wertpapierhandelsbanken’).

The acquisition makes BNP Paribas as one of the top three domestic third party clearers in Germany.

Bankhaus Plump will in the future concentrate fully on its private banking business.

As part of the transaction, BNP Paribas has also acquired the technology platform developed by Bankhaus Plump to support its clearing activities, and the bank will establish a local operation in Bremen – BNP Paribas Securities Services’ second location in Germany. Approximately 15 staff will transfer from Bankhaus Plump to BNP Paribas.

“This acquisition marks an important strategic development for us,” says Gerald Noltsch, Head of BNP Paribas Securities Services in Germany. “It enables us to deliver a solution that meets the specific needs of the local broker community here in Germany. There is clear demand in the market for a provider that has both a high-quality service offering and the required commitment to the securities Services business. Through this acquisition we are demonstrating that commitment – to the market and especially to our clients – to expand, enter new markets and develop new services”.

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