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BNP, UBS show interest in HSBC's German wealth unit, Bloomberg News reports

FILE PHOTO: The logo of Swiss bank UBS is seen at the bank's branch in Shanghai

(Reuters) -HSBC is attracting initial interest from peers including BNP Paribas SA and UBS Group AG, for the sale of its German wealth management unit, Bloomberg News reported on Thursday, citing people familiar with the matter.

Julius Baer is also among potential bidders for the wealth management business that could be valued at 300 million euros to 600 million euros ($324.4 million-$648.7 million) in a deal, the report said.

In a separate report by German newspaper Boersenzeitung, Dutch Bank ABN Amro was also said to be nearing a deal for HSBC's German wealth management unit, formerly known as Trinkaus & Burkhardt.

The Bloomberg report added that HSBC is working with Bank of America Corp on the potential divestment of INKA, its German fund administration business.

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Reuters had reported in June that the bidding process for INKA was due to launch in couple of weeks, with other fund administrators, including Universal Investment, owned by private equity firm Montagu, emerging as potential bidders.

INKA is one of the biggest fund administrators in the industry with around 400 billion euros of assets under administration at the end of 2023.

"We are reviewing our strategic options with respect to our private banking business in Germany. But no decision has been made yet," an HSBC spokesperson said in an emailed response to Reuters.

($1 = 0.9249 euros)

(Reporting by Vaibhav Sadhamta and Unnamalai L; Editing by Jon Boyle, David Gregorio and Sonia Cheema)