In a separate report by German newspaper Boersenzeitung, Dutch Bank ABN Amro was also said to be nearing a deal for HSBC’s German wealth management unit, formerly known as Trinkaus & Burkhardt.
The Bloomberg report added that HSBC is working with Bank of America Corp on the potential divestment of INKA, its German fund administration business.
Reuters had reported in June that the bidding process for INKA was due to launch in couple of weeks, with other fund administrators, including Universal Investment, owned by private equity firm Montagu, emerging as potential bidders.
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