HSBC Holdings PLC is in negotiations to sell its German fund administration business to private equity firm BlackFin Capital Partners, international media reports.

Bloomberg, citing people with knowledge of the matter, reported that the discussions have advanced significantly and the deal could be finalized in the coming weeks for roughly €400 billion ($435.16 billion).

Current CEO Georges Elhedery, who succeeded Noel Quinn last September, is leading a major business restructuring initiative. As part of the overhaul, HSBC merged its commercial banking division with its global banking and markets unit, which includes investment banking (IB), in January.

The full report may be read here

The news follows reports that APS Bank submitted a non-binding offer to HSBC Holdings to acquire the 70% stake it holds in the Malta branch.

APS did not disclose the amount it is offering for the share purchase when it announced its intentions last November.

The bank wants to acquire the 70.03% stake held by HSBC Continental Europe in the Malta branch. APS is majority-owned by the Maltese Catholic Archdiocese and the Gozo church.

In February, HSBC Malta Bank shareholders approved a resolution for the bank to be able to pass on information which is not public and which may be sensitive to anyone interested in buying the bank's shares.