HSBC's French Retail Banking Business Officially Transferred To My Money Group's CCF
Portfolio Pulse from Nabaparna Bhattacharya
HSBC Holdings PLC has completed the sale of its French retail banking business to Crédit Commercial de France (CCF), a subsidiary of My Money Group, as of January 1, 2024. The transaction received all necessary regulatory approvals. HSBC's CEO, Noel Quinn, expressed his enthusiasm for the future focus on wholesale banking and wealth/private banking in Europe. My Money Group aims to exceed 30 billion euros in assets and a CET1 ratio over 15%. The deal, initially set at one euro, was adjusted for regulatory reasons. HSBC shares dropped 1.11% to $40.08 in premarket trading.
January 02, 2024 | 12:42 pm
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HSBC has finalized the sale of its French retail banking operations to CCF, part of My Money Group, with regulatory approvals in place. The company's stock experienced a slight decline in premarket trading.
The completion of the sale is a significant restructuring move for HSBC, indicating a strategic shift towards wholesale and private banking in Europe. The slight premarket stock price decline suggests a short-term negative investor reaction, possibly due to the sale's finality or market conditions.
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