As a deal to buy HSBC‘s wealth management division in Germany approaches, the Dutch bank ABN Amro is looking to grow further in the region.

According to Reuters, an announcement regarding the acquisition of the company, which was formerly known as Trinkaus & Burkhardt, may be made within the next two to three weeks.

ABN Amro last month inked a deal to acquire Fosun’s private bank Hauck Aufhaeuser Lampe for €672m ($730m). This merger would expand ABN Amro’s presence in Germany, the largest wealth management market in Europe.

The purchase of HSBC’s German private bank would increase ABN Amro’s assets under management by €26bn, from approximately €70bn.

HSBC is looking to further reorganise its German operations, and has identified State Street, BNP Paribas, and Caceis as potential buyers for its fund administration arm INKA and custody business.

Moreover, earlier this month, HSBC Holdings, HSBC Bank (China), successfully purchased Citi’s retail wealth management portfolio in China’s mainland.

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The wealth and personal banking division of HSBC China has merged with the portfolio of investment assets and deposits, as well as related wealth customers, spanning 11 major cities in Beijing. Moreover, HSBC has added more than 300 workers.

Retail wealth, asset management, insurance, private banking, and fintech are among the areas in which HSBC has stakes in wealth management in the nation.

Using the synergies between these capabilities, HSBC China is making considerable progress in meeting the complete wealth management demands of its customers.

In China’s mainland, HSBC increased its wealth clientele by over 30% annually and its invested assets by 53% in 2023.

With this deal, HSBC expands its wealth capabilities in Asia and on the Chinese mainland, marking yet another significant achievement.