ABN Amro BK N V (OTC:AAVMY) is reportedly nearing a deal to buy HSBC Holdings plc ( HSBC )‘s 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 ( 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 ( HSBC ) stock gained 14% in the last 12 months. Investors can gain exposure to the stock via the Dimensional International Value ETF ( DFIV ) and Trust For Professional Managers ActivePassive International Equity ETF .

Price Action: HSBC ( HSBC ) shares are up 1.13% at $43.99 premarket at the last check Monday.

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