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HSBC completes sale of French retail banking business to CCF | Fintech InShorts: Latest fintech news, analysis by experts

Less than 1 min.Read

HSBC completes sale of French retail banking business to CCF

By Laura M

January 8, 2024

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.

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