ABN Amro nears deal to buy HSBC's German private bank, Boersenzeitung says (updated)
21/06/2024 10:26
(Adds companies comments in paragraph 5)
FRANKFURT, June 21 (Reuters) - Dutch bank ABN Amro
ABNd.AS is seeking to further expand in Germany as it is
nearing a deal to acquire HSBC's HSBA.L wealth management unit
in the country, newspaper Boersenzeitung reported on Friday,
without specifying its sources.
The takeover of the business, formerly known as Trinkaus &
Burkhardt, could be announced over the next two to three weeks,
the paper said.
A transaction would extend ABN Amro's foray into Germany,
Europe's largest wealth management market, after it last month
signed a deal to buy Fosun's 0656.HK private bank Hauck
Aufhaeuser Lampe for 672 million euros ($730 million).
The addition of HSBC's German private bank would boost ABN
Amro's assets under management by 26 billion euros from about 70
billion euros, Boersenzeitung reported.
ABN said it is fully focused on the addition of Hauck
Aufhaeuser Lampe and on seeking regulatory approval for it,
declining to comment further. HSBC also would not comment on the
report.
HSBC is seeking to further overhaul its German operations as
three sources familiar with the matter told Reuters on Friday
that is has attracted State Street STT.N , BNP Paribas
BNPP.PA and Caceis as potential bidders for its fund
administration unit INKA and custody business.
($1 = 0.9206 euros)
(Reporting by Ludwig Burger and Alexander Huebner
Editing by Miranda Murray)
((ludwig.burger@thomsonreuters.com; +49 30 220133634;))