HSBC Trinkaus & Burkhardt had total assets of €26.6bil (US$29bil) and employed more than 3,000 people at the end of last year. LBBW said the stake was “a purely financial investment.”
FRANKFURT: HSBC Holdings Plc is taking full control of its German business by buying out the minority owner.
The British lender will acquire an 18.66% stake in HSBC Trinkaus & Burkhardt AG from Landesbank Baden-Wuerttemberg (LBBW), a regional lender in the south of Germany, according to statements by the banks that didn’t give a price. HSBC will hold 99.33% of the registered share capital after the deal closes and plans to squeeze out remaining investors.
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