Reported 10 months ago
Dutch bank ABN Amro is close to finalizing a deal to purchase HSBC's wealth management unit in Germany, as reported by Boersenzeitung. The acquisition, which could be announced in the next few weeks, would expand ABN Amro's presence in Germany's wealth management market. By acquiring HSBC's German private bank, ABN Amro's assets under management would increase by 26 billion euros. ABN Amro declined to comment on the report, while HSBC is looking to restructure its German operations by attracting potential bidders for its fund administration unit and custody business.
Source: YAHOO