HSBC Holdings Plc is close to finalising a deal to sell its German fund administration business, Inka, to BlackFin Capital Partners.

The private equity firm is negotiating the acquisition of the unit, which oversees approximately €400bn ($436bn) in assets, Bloomberg reports.

Discussions have progressed significantly, and the deal could be completed in the coming weeks. However, no official agreement has been signed, and negotiations remain confidential.

In a separate transaction, BNP Paribas SA is exploring the acquisition of HSBC’s German custodian business. The deal has yet to be finalised, and other potential buyers may still emerge.

If completed, these transactions would mark significant shifts in the European fund administration and custodian banking landscape, reflecting growing private equity interest in financial services assets.