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HSBC Reportedly In Talks with ABN AMRO to Sell German Wealth Mgmt Biz
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ABN AMRO is close to a deal to buy HSBC HOLDINGS (00005.HK)'s German wealth management business, Trinkaus and Burkhardt, with an announcement likely in 2-3 weeks, German financial newspaper Boersenzeiturg reported. Germany is Europe's biggest wealth management market. Last month, ABN AMRO had inked a deal with FOSUN INTL (00656.HK) to buy private bank Hauck Aufhaeuser Lampe from the latter for US$730 million. If the acquisition of HSBC's German wealth management business is completed, ABN AMRO's asset management size will increase by EUR26 billion to approximately EUR70 billion. Separately, HSBC is further restructuring its German business, whereas State Street, BNP Paribas and other suitors may be interested in bidding for HSBC's German fund management arm INKA and trust business, Reuters reported. AAStocks Financial News |
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