Weekly Global News Wrap: Germany won't sell Commerzbank stake; BNP Paribas buys HSBC’s Germany unit

And California Bank & Trust is acquiring $730m in deposits from FirstBank.

From Reuters:
The German government is holding onto its remaining 12% stake in Commerzbank after selling 4.5% of its shares to Unicredit.

The statement comes after Italy’s UniCredit bought a 9% stake in Commerzbank to become its second largest shareholder.

UniCredit chief executive Andrea Orcel has signalled his merger ambitions.

Germany’s decision to not sell its 12% stake signals that the government doesn’t favour a takeover of the country’s second largest lender.

From Reuters:
BNP Paribas has signed a deal to buy HSBC’s banking unit in Germany.

The French bank expects to close the deal by Q2 2025. It will push its assets under management over $44.64b.

"This acquisition will allow us to consolidate our position as the top player in private banking in the eurozone," Vincent Lecomte, a BNP executive, said in a statement.

From the US:
California Bank & Trust (CB&T) is acquiring four branches in Palm Desert & Indio from Colorado-headquartered FirstBank.

CB&T will buy approximately $730m in deposits and $430m in loans, according to a press release.

Upon completion, it will expand CB&T's physical presence in Coachella Valley to a total of 6 locations and will add approximately 15,000 new customers. 

CB&T is onboarding the California-based FirstBank employees to its existing team of more than 900 associates.