ABN Amro BK N V (OTC:AAVMY) is reportedly nearing a deal to buy HSBC Holdings plc's (NYSE:HSBC) wealth management unit in Germany.
The transaction would extend ABN Amro's expansion into Germany, Europe's largest wealth management market, following last month's EUR672 million euro ($730 million) purchase of Fosun's private bank Hauck Aufhaeuser Lampe, reported Reuters citing the newspaper Boersenzeitung.
As per the report, the takeover of the business, formerly known as Trinkaus & Burkhardt, could be announced within the next two to three weeks.
HSBC is aiming to further overhaul its German operations and ABN stated it is focused on integrating Hauck Aufhaeuser Lampe and obtaining regulatory approval, as per the report.
Also Read: HSBC To Announce New CEO By July To Stabilize Asia-Focused Strategy
HSBC Holdings stock gained 14% in the last 12 months. Investors can gain exposure to the stock via the Dimensional International Value ETF (NYSE:DFIV) and Trust For Professional Managers ActivePassive International Equity ETF (NYSE:APIE).
Price Action: HSBC shares are up 1.13% at $43.99 premarket at the last check Monday.
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