HSBC completes sale of French retail banking business to CCF
HSBC Continental Europe (HBCE) announced that it has completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group.
HSBC completes sale of French retail banking unit to CCF
News of the sale first broke in May 2021, with HSBC reportedly having paid more than €1 billion for New York-based private equity firm Cerberus Capital Management to take its loss-making French branches off its hands.
As of 1 January 2024, the transaction stands completed, with both parties receiving all the required regulatory approvals. Following the deal, My Money Group has renamed itself to CCF Group and claims it will have total assets of more than €30 billion, along with a “substantial” liquidity position of €10 billion in cash.
Noel Quinn, Group CEO of HSBC, describes the transaction as an “important milestone in our strategic vision for Europe” and a “positive start to 2024”.
Going forward, Quinn says the UK banking giant intends to focus on its international wholesale banking operations in Europe, alongside a “targeted wealth and private banking business”.
CCF was created in 1917 and operates as a commercial bank providing banking services to both individuals and professionals. It is part of the now-renamed CCF Group, a century-old French banking group that consists of retail banking and specialised financing activities.
