- HSBC completes sale of its French retail banking business to Crédit Commercial de France (CCF), a subsidiary of My Money Group.
- HSBC reportedly paid more than €1 billion to Cerberus Capital Management to offload its loss-making French branches.
- The sale transaction was finalized on January 1, 2024, after obtaining all necessary regulatory approvals.
- My Money Group rebrands itself as CCF Group post the deal, claiming total assets exceeding €30 billion and a substantial liquidity position of €10 billion in cash.
- Noel Quinn, HSBC Group CEO, sees the sale as an “important milestone” in the strategic vision for Europe, marking a positive start to 2024.
- HSBC now aims to concentrate on international wholesale banking operations in Europe and a targeted wealth and private banking business.
- CCF, established in 1917, operates as a commercial bank within the CCF Group, a century-old French banking group engaged in retail banking and specialized financing activities.
