HSBC Successfully Concludes Sale of Retail Banking Business in France

03 Jan, 2024

HSBC Continental Europe (HBCE) has successfully finalized the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group. The British lender, in a statement on Monday, confirmed the completion of the transaction on January 1 after obtaining all necessary regulatory approvals.

My Money Group, backed by Cerberus, shared details, highlighting that the acquisition would result in total assets exceeding 30 billion euros ($33.11 billion) and a robust solvency position with a CET1 ratio surpassing 15%. The group also emphasized its significant liquidity position, boasting around 10 billion euros in cash.

Notably, HSBC faced regulatory capital concerns, leading to renegotiations in June of the previous year. The proposed deal was initially announced in June 2021, indicating a nominal price of one euro. The completion of this transaction follows HSBC's strategic moves, including Royal Bank of Canada's approval for the C$13.5 billion acquisition of HSBC's Canadian unit in the previous year.

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