London-headquartered HSBC has announced the completed sale of its retail banking business in France.
HSBC Continental Europe (HBSCE) has sold its retail banking business in France to CCF – a subsidiary of My Money Group – according to a statement. All necessary regulatory approvals have been obtained before the completion of the sale on 1 January 2024.
«This represents an important milestone in our strategic vision for Europe,» said HSBC group CEO Noel Quinn. «I am delighted with this positive start to 2024 – our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted wealth and private banking business.»
My Money Group, which is controlled by US private equity fund Cerberus, will take over a French business that includes nearly 250 retail branches with 800,000 clients and 3,500 staff. The exact terms of the deal were not disclosed.
