ABN Amro, the Dutch bank, is reportedly nearing a deal to acquire HSBC’s wealth management unit in Germany, as per a report by Boersenzeitung. The acquisition of the business, formerly known as Trinkaus & Burkhardt, could be finalized and announced within the next two to three weeks.
This move would mark ABN Amro’s further expansion into Germany, Europe’s largest wealth management market. Just last month, the bank signed an agreement to acquire Fosun’s private bank Hauck Aufhaeuser Lampe for 672 million euros ($730 million).
According to Boersenzeitung, integrating HSBC’s German private bank would increase ABN Amro’s assets under management by approximately 26 billion euros, supplementing its existing portfolio which stands at around 70 billion euros.
ABN Amro has indicated its current focus on integrating Hauck Aufhaeuser Lampe and securing regulatory approvals for the acquisition. Both ABN Amro and HSBC declined to comment on the specific details of the potential acquisition.
Meanwhile, HSBC is reportedly exploring strategic options to streamline its operations in Germany. Sources familiar with the matter have revealed that State Street, BNP Paribas, and Caceis are among the potential bidders interested in HSBC’s fund administration unit INKA and custody business.
The potential acquisition of HSBC’s wealth management unit would significantly bolster ABN Amro’s presence and capabilities in the competitive German financial services market, underscoring its strategic expansion efforts in the region.
