BNP, UBS Eyeing HSBC's German Wealth Unit Sale
BNP Paribas SA and UBS Group AG among potential buyers for HSBC's German wealth management unit, valued at 300-600 million euros.
HSBC is currently in talks with potential buyers for the sale of its German wealth management unit, according to a report by Bloomberg News. Among the interested parties are BNP Paribas SA, UBS Group AG, and Julius Baer, with the business expected to be valued between 300 million euros to 600 million euros. ABN Amro, as reported by German newspaper Boersenzeitung, is also said to be close to finalizing a deal for the unit, which was previously known as Trinkaus & Burkhardt.
In addition to the wealth management unit, HSBC is also considering divesting its German fund administration business, INKA, with Bank of America Corp assisting in the process. The bidding for INKA is set to begin in the coming weeks, with Universal Investment, owned by private equity firm Montagu, among the potential bidders. INKA is a significant player in the industry, managing around 400 billion euros in assets as of the end of 2023.
Overall, HSBC's move to sell off its German wealth management and fund administration businesses reflects the bank's strategic decision to streamline its operations and focus on core areas of growth. The potential sale of these units could provide HSBC with the opportunity to reallocate resources and strengthen its position in key markets.
The sale of HSBC's German wealth management unit and fund administration business is attracting interest from various financial institutions, with the potential to reshape the bank's presence in the region.
BNP, UBS Eyeing HSBC\'s German Wealth Unit Sale
KBC Bank Recovers €800M in Customer Deposits
KBC Bank has regained more customers than lost post-Belgian State bonds, adding €800 million in deposits. Discover the details here.
KBC Bank has regained more customers than lost post-Belgian State bonds, adding €800 million in deposits. Discover the details here.
Read more
Santander UK Adjusts Mortgages After Rate Cut
In light of the Bank of England's 0.25% rate reduction to 4.75%, Santander UK announces significant changes to its mortgage offerings.
In light of the Bank of England\'s 0.25% rate reduction to 4.75%, Santander UK announces significant changes to its mortgage offerings.
Read more
UBS Launches Blockchain Pilot for Cross-Border Payments
Swiss bank UBS successfully pilots its blockchain-based UBS Digital Cash, aiming to enhance efficiency in cross-border transactions.
Swiss bank UBS successfully pilots its blockchain-based UBS Digital Cash, aiming to enhance efficiency in cross-border transactions.
Read more
Santander’s Profits Hit €9.309 Billion
Spanish financial group Santander reports €9.309 billion in profits for the first nine months of 2023, a 14% increase from last year.
Spanish financial group Santander reports €9.309 billion in profits for the first nine months of 2023, a 14% increase from last year.
Read more
BNP Paribas Reports Net Income Boost from Corporate Banking
BNP Paribas has recorded a notable increase in net income, fueled by strong performance in its corporate banking sector. Explore the details.
BNP Paribas has recorded a notable increase in net income, fueled by strong performance in its corporate banking sector. Explore the details.
Read more
ASR Divests Knab to Bawag Group for €590 Million
ASR's strategic sale of Knab to Bawag Group marks a €590 million deal, with €100 million allocated for share repurchase to boost shareholder value.
ASR\'s strategic sale of Knab to Bawag Group marks a €590 million deal, with €100 million allocated for share repurchase to boost shareholder value.
Read more
UBS’s Asset Management Launches First Tokenized Investment Fund
UBS Asset Management has launched its inaugural tokenized investment fund, highlighting a significant trend in the evolving financial landscape.
UBS Asset Management has launched its inaugural tokenized investment fund, highlighting a significant trend in the evolving financial landscape.
Read more
Swiss National Bank Reports CHF62.5 Billion Profit
The Swiss National Bank (SNB) has generated a remarkable CHF62.5 billion profit in the first nine months of this year, reflecting robust financial performance.
The Swiss National Bank (SNB) has generated a remarkable CHF62.5 billion profit in the first nine months of this year, reflecting robust financial performance.
Read more
Profits Rise at Standard Chartered’s Wealth Arm
Standard Chartered's wealth division reports an 11% profit increase in Q3, fueled by a $1.5 billion investment to enhance services and capabilities.
Standard Chartered\'s wealth division reports an 11% profit increase in Q3, fueled by a $1.5 billion investment to enhance services and capabilities.
Read more