07:56 AM EDT, 06/21/2024 (MT Newswires) -- State Street (STT), BNP Paribas, and Caceis are positioning themselves as potential bidders for HSBC Germany's fund administration unit INKA and its custody business, Reuters reported Friday, citing three unnamed sources familiar with the matter.

The sale process is reportedly due to begin in the next weeks pending HSBC's decision to sell the assets together or separately,

HSBC aims for a combined valuation of over 700 million euros ($751.17 million) for INKA and the custody business, according to one source.

Other bidders for INKA may also include fund administrators such as Universal Investment, while BNP Paribas and State Street are primarily interested in HSBC's custody business, the source added.

State Street did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)