BNP, UBS Eyeing HSBC’s German Wealth Unit Sale
HSBC is currently in talks with potential buyers for the sale of its German wealth management unit, according to a report by Bloomberg News. Among the interested parties are BNP Paribas SA, UBS Group AG, and Julius Baer, with the business expected to be valued between 300 million euros to 600 million euros. ABN Amro, as reported by German newspaper Boersenzeitung, is also said to be close to finalizing a deal for the unit, which was previously known as Trinkaus & Burkhardt.
In addition to the wealth management unit, HSBC is also considering divesting its German fund administration business, INKA, with Bank of America Corp assisting in the process. The bidding for INKA is set to begin in the coming weeks, with Universal Investment, owned by private equity firm Montagu, among the potential bidders. INKA is a significant player in the industry, managing around 400 billion euros in assets as of the end of 2023.
Overall, HSBC's move to sell off its German wealth management and fund administration businesses reflects the bank's strategic decision to streamline its operations and focus on core areas of growth. The potential sale of these units could provide HSBC with the opportunity to reallocate resources and strengthen its position in key markets.
The sale of HSBC's German wealth management unit and fund administration business is attracting interest from various financial institutions, with the potential to reshape the bank's presence in the region.
BNP, UBS Eyeing HSBC’s German Wealth Unit Sale
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