October 18, 2019 / 7:31 AM / a month ago

BNP frontrunner to take over Deutsche Bank derivatives unit: report

FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Paris, France, August 6, 2018. REUTERS/Regis Duvignau/File Photo

FRANKFURT (Reuters) - BNP Paribas (BNPP.PA) is the frontrunner to take over Deutsche Bank’s (DBKGn.DE) business that sells certificates and warrants to retail investors, a German newspaper reported on Friday.

Boersen-Zeitung, which cited no sources, said analysts had estimated the unit’s value at 400-500 million euros ($445-$556 million).

BNP declined to comment.

Deutsche Bank in July announced a 7.4 billion euro sweeping overhaul and retreat from investment banking after years of losing market share on Wall Street.

The bank said in a statement it was reviewing the business after it decided to exit equity trading. “The review is ongoing and we are committed to continuing servicing clients as normal,” it said.

Reporting by Vera Eckert and Patricia Uhlig, Editing by Mark Potter

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