HSBC Completes Sale of Retail Banking Business in France to My Money Group

HSBC subsidiary, HSBC Continental Europe (HBCE), announced on Monday 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.

"All necessary regulatory approvals were obtained and the transaction completed on 1 January 2024," stated HSBC.

Commenting on the transaction, Noel Quinn, Group CEO at HSBC, said: "I am pleased to announce the completion of the sale of HSBC's Retail Banking activities in France. This represents an important milestone in our strategic vision for Europe. 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 is a French banking group backed by Cerberus, a New York-based global alternative investment firm. It said on Sunday: "The Group will have total assets surpassing 30 billion euros and a robust solvency position with a CET1 ratio exceeding 15% at close. Further reinforcing its financial strength is a substantial liquidity position of around 10 billion euros in cash."

The transaction also includes the sale of HSBC SFH.

According to the statement released by My Money Group on Sunday, following this transaction, HSBC SFH was renamed CCF SFH, and My Money Group became CCF Group.

My Money Group added: "The entire CCF network as well as the online bank will be open for business from 2 January 2024 to support our clients in their financial and wealth projects."

Last December, the Royal Bank of Canada (RBC)​ was also approved to proceed with acquiring HSBC Bank Canada for CA$13.5bn (approximately $10.1bn).