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FINANCIALS: ABN-HSBC Germany Deal; Sensible But Small

FINANCIALS

ABN-Amro (ABNANV: Baa1/BBB/A) reportedly nearing deal to buy HSBC’s German private banking business. ABN’s been a spread underperformer of late, but this deal looks small enough not to exacerbate the issue, we feel.

  • Reuters is reporting ABN is set to buy what was formerly Trinkhaus & Burkhardt, quoting Boersenzeitung as saying a deal will be finalised in the coming 2-3 weeks.
  • There’s no financial information other than this being set to add c.EUR26bn of assets under management – HSBC is in the process of selling a range of assets, most notably HSBC Canada which went to RBC for around USD10bn. Another sensible, but small, step in streamlining HSBC, in our view.
  • ABN’s spreads have underperformed €IG peers recently (+17bp in the last month vs. +10bp and -24bp YTD vs. -33bp), in part due to its exposures within, and proximity, to France and its political issues right now. This deal appears, however, small enough to have no further impact.
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