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), o and Caceis as potential bidders for its fund administration unit INKA and custody business.
