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HSBC Bank has sold its retail banking business to New York-headquartered Cerberus Capital Management, a private equity company. The deal also includes the sale of HSBC SFH (France) S.A. and the acquisition agreement is now complete.
As per Reuters, HSBC’s unit, HSBC Continental Europe (HBCE), closed the sale of the group’s retail banking unit in France. The new owner is Crédit Commercial de France (CCF), which is a subsidiary of the British lending firm called the My Money Group.
Completion of the Deal
HSBC said on Monday, Jan. 1, that it was able to obtain all necessary regulatory approvals, so the deal was closed at the start of 2024. It was in June 2023 when the bank, also known as The Hong Kong and Shanghai Banking Corporation, initiated the new terms for the acquisition after the deal stalled because of regulatory issues.
Now, after more than two years of negotiations, Business Inquirer reported that HSBC finally closed the negotiations with Cerberus-backed My Money Group, but the exact amount of the deal remained unknown. As the sale is completed, HSBC France will transfer the ownership of its 250 retail banking locations to CCF. Collectively, these existing business units have a total of 800,000 clients and 3,500 employees.
Sale is a Strategic Move for HSBC
The sale of its retail banking unit in France is part of HSBC’s move to simplify its operations so it can redirect its focus on its businesses in major Asian regions. The bank originally revealed its plan to sell the unit in June 2021.
“Further to our announcements of 18 June 2021 and 14 June 2023, HSBC Continental Europe (HSBCE) has completed on 1 January 2024 the sale of its retail banking business in France to CCF, a subsidiary of Promontoria MMB SAS,” HSBC plc said in a press release. “My Money Group and CCF are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P.”
The financial services company further stated, “As the Transaction also included the sale by HBCE of its 100% ownership interest in HSBC SFH, HSFH is now wholly owned by CCF and has changed its legal name to CCF SFH effective from 1 January 2024.”
Photo by: Daniil Korbut/Unsplash
