HSBC has officially completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group, as of January 1, 2024. This transaction is part of HSBC’s strategic shift to focus more on international wholesale banking, wealth management, and private banking across Europe. Initially announced in 2021, the deal was completed after regulatory approvals were secured, marking an important milestone in the bank’s efforts to streamline its operations and exit less profitable markets.
The sale occurred at a nominal price of one euro, but HSBC reserved $2.4 billion to cover associated costs during the transition. This move also reflects HSBC’s response to evolving market conditions, particularly as rising interest rates posed challenges throughout the process. Following the acquisition, My Money Group gains control of a business valued at over €30 billion in assets, alongside maintaining a strong liquidity position of around €10 billion.
when an unknown printer took a galley of type and scrambled it to make a type area specimen book It has survived not only five centuries. But also the leap introduce electronic typesetting, remaining essentially unchanged.
Willum Skeener
By retaining some loans worth €7 billion, HSBC ensures a smoother transfer while minimizing disruptions. This sale not only reshapes HSBC’s footprint in Europe but also allows the bank to sharpen its focus on core areas with higher growth potential, aligning with its evolving strategic vision for the region.
For more details, you can explore the full story on the completion of the sale through HSBC’s official statement and related reports.