Based on the terms of the transaction, VP Bank and VPB Finance will purchase HSBC Trinkaus & Burkhardt (International) and HSBC Trinkaus Investment Managers, respectively.
The disposal of the businesses is part of HSBC’s global review, under which it has decided to sell its non-profitable and non-core business units across the globe.
Following completion of the transaction, which is expected to conclude during the fourth quarter of 2013, all 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt will be absorbed by VP Bank.
The bank said that its private banking operations had approximately €1.5bn in assets under management, while the fund business had assets of nearly €700m.
HSBC Trinkaus operates as a HSBC Group’s principal subsidiary in Germany and as of 31 March 2013, it managesdtotal assets of €21.2bn and €150.1bn in funds under management and administration, through over 2,500 staff.
Most recently, the London-based global financial organization announced its plan shut down its South Korean retail branch network and wealth management businesses, in a bid to consolidate global operations and focus on profitable markets.
