Report: ABN Amro contemplating takeover of HSBC's German asset management unit

ABN Amro is contemplating taking over the German asset manager from banking peer HSBC. This could help the Dutch bank grow and focus more on wealthy clients in the country, the German business newspaper Börsen-Zeitung reported based on information provided by sources.

According to the paper, news regarding the deal will be released in two to three weeks. The HSBC unit in question manages approximately 26 billion euros in assets.

ABN Amro already owns Bethmann Bank in Germany and is considered the third biggest party in the German market for asset management. A large number of family-owned companies stimulate the demand for asset services.

An ABN Amro spokesperson would not respond to any questions regarding the report. The financial group was quoted as saying that they "never comment on rumors in the market."

If the deal is completed, it would be ABN Amro's second takeover in Germany in a short time. Last month, ABN Amro announced that it was taking over the German private bank Hauck Aufhäuser Lampe.

Robert Zwaak, the CEO of ABN, called it a "unique opportunity to expand our German activities." The deal, which still needs regulators' approval, involved hundreds of millions of euros.