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

Credit: REUTERS/Andrew Kelly

Deutsche Bank and BNP Paribas reached a master transaction agreement to assure service continuity to Deutsche's global prime finance and electronic equities clients, the banks said on Monday.

BERLIN, Sept 23 (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 ($8.16 billion) overhaul.

($1 = 0.9073 euros)

(Reporting by Riham Alkousaa Editing by Tassilo Hummel)

((Riham.Alkousaa@thomsonreuters.com;))

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