ABN Amro Close to Acquiring HSBC’s German Private Bank

05 Sep, 2024

ABN Amro Close to Acquiring HSBC’s German Private Bank

Dutch bank ABN Amro is close to finalizing a deal to acquire HSBC's German private banking unit, according to a report by Boersenzeitung. This acquisition, which could be announced within the next two to three weeks, is a strategic move to expand ABN Amro's footprint in Germany, Europe’s largest wealth management market. The unit in question was previously known as Trinkaus & Burkhardt.

This potential acquisition follows ABN Amro's recent agreement to purchase Hauck Aufhaeuser Lampe, a private bank owned by Fosun, for 672 million euros ($730 million). The addition of HSBC's German private bank would significantly increase ABN Amro's assets under management, boosting them by 26 billion euros, from the current 70 billion euros.

ABN Amro has stated that it is currently focused on integrating Hauck Aufhaeuser Lampe and is awaiting regulatory approval for this transaction. The bank declined to comment further on the HSBC deal. Meanwhile, HSBC is also looking to streamline its German operations and has attracted interest from State Street, BNP Paribas, and Caceis for its fund administration and custody business, INKA.