My Money Group, under the CCF brand, has taken over HSBC’s personal banking activity since January 1. My Money Group is owned by the American fund Cerberus.
Since January 1, 2024, HSBC has officially ceased its retail banking activity in France. It is My Money Group, under the Crdit Commercial de France (CCF) brand, which has resumed its activity. The approximately 800,000 HSBC customers have thus joined the CCF.
My Money Group is a company incorporated under French law but owned by the American fund Cerberus via a company based in the Netherlands.
Cerberus investments involving several hundred companies around the world for a total of $53 billion in assets, according to The things. A fan of companies in difficulty, the fund entered the banking sector in France thanks to acquisition in 2017 of GE Money Bank, expert in credit redemption, then renamed My Money Bank. Cerberus recently acquired the commercial bank BESV renamed My Partner Bank which is the commercial brand covering the professional real estate activity of My Money Group.
The CCF, a part
With the acquisition of HSBC, My Money Group has set itself a one-year moratorium and should roll out a three-year recovery plan for the bank, renamed CCF. For the back office, My Money Group relies on that of the Breton mutual bank Arka. HSBC’s retail bank in France is a unique opportunity, with a high-quality team, very solid clients and goodwill, said thingsEric Shehadeh, CEO of My Money Group.
The CCF will not merge with the other entities of the My Money Bank subsidiary which owns the former Sovac (in automobile financing) and the Royale Saint-Georges bank (in credit repurchase) but will coexist alongside them within My Money Group. Furthermore, customers who hold the Cashbee account also know My Money Bank. Since Cashbee is not a bank, the funds are actually held by My Money Bank.
A buyer who worries
Thierry Tisserand, general secretary of the CFDT Banques Assurances federation, is concerned about the choice of buyer of HSBC’s banking activities. Above all, there is the American pension fund Cerberus, named after the guardian of hell. And the least we can say is that this fund does not have the reputation of making a better social contribution, he declared to the Parisian. He also denounced mistreatment of the company at all levels.
The transition to the CCF is thus as expected as it is feared by employees. Expected because only a tiny minority will regret HSBC, feared because we will transfer to a company where we know nothing about the commercial and strategic project, according to Eric Poyet, FO union representative, interviewed by AFP.
HSBC: these services still inaccessible for individual customers with the transition to CCF