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Report: BNP Paribas to bid for Deutsche Bank's equity derivatives book

BNP Paribas SA plans to bid on Deutsche Bank AG's equity derivatives book and hopes it can clinch a deal within the next few weeks, as the beleaguered German bank works through an extensive restructuring plan to improve long-term profitability, Reuters reported, citing sources.

Sources told the news service that Deutsche Bank plans to start a sale process for the book in September after it attracted significant interest from banks, private equity firms and hedge funds. The portfolio may be sold in separate tranches instead of one transaction.

In a deal separate from Deutsche Bank's equity derivatives, BNP is set to take control of the lender's prime brokerage business, which serves hedge funds, in the first half of September.

Deutsche Bank's restructuring plan also includes cutting 18,000 jobs by 2022 and creating a bad bank to house €74 billion of unwanted risk-weighted assets.

BNP and Deutsche Bank declined to comment when reached by the news service.