10:58 AM EDT, 07/05/2024 (MT Newswires) -- (Updates with Bank of America's ( BAC ) refusal to comment in the seventh paragraph.)

HSBC Holdings' ( HSBC ) sale of its German wealth management unit is getting initial interest from BNP Paribas, Julius Baer Group, and UBS, Bloomberg reported Wednesday, citing unnamed people familiar with the situation.

The unit could be valued at 300 million euros ($324.6 million) to 600 million euros in a deal, the report added, citing the sources.

HSBC ( HSBC ) is looking for a buyer with current operations in Germany, Bloomberg said, citing one of the sources. KPMG is assisting HSBC ( HSBC ) on the sale, the report quoted the person as saying.

Meanwhile, HSBC ( HSBC ) is also collaborating with Bank of America ( BAC ) to divest Inka, its German fund administration business, the people told Bloomberg.

State Street (STT) and Universal Investment are among potential bidders evaluating Inka's assets, the report said, citing the sources.

"We are reviewing our strategic options with respect to our private banking business in Germany. But no decision has been made yet," an HSBC ( HSBC ) spokesperson told MT Newswires in an email.

State Street and Bank of America ( BAC ) declined MT Newswires' request for comment, while BNP, Julius Baer, UBS, KPMG, and Universal Investment did not respond.

(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.)

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