ABN AMRO Bank N.V. (ENXTAM:ABN) is nearing deal to buy HSBC Holdings plc (LSE:HSBA),s German private bank as per reports. The takeover of the business, formerly known as HSBC Trinkaus & Burkhardt GmbH, 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 private bank Hauck Aufhaeuser Lampe for EUR 672 million ($730 million).

The addition of HSBC's German private bank would boost ABN Amro's assets under management by EUR 26 billion from about EUR 70 billion, 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 June 21, 2024 that is has attracted State Street Corporation (NYSE:STT), BNP Paribas SA (ENXTPA:BNP) and CACEIS S.A. as potential bidders for its fund administration unit INKA and custody business.