(Reuters) – HSBC Continental Europe (HBCE), a subsidiary of HSBC, announced on Monday that it had completed the sale of its French retail banking activities to Crédit commercial de France (CCF), a subsidiary of My Money Group, which itself owns even to the American fund Cerberus.
“All regulatory approvals have been obtained and the transaction closed on January 1,” HSBC said in a statement.
For its part, My Money Group said in a statement on Sunday that its balance sheet total was more than 30 billion euros with “high solvency with a CET1 capital ratio exceeding 15% on the date of acquisition”.
“The financial strength is further reinforced by high liquidity, with a cash position of around 10 billion euros,” adds My Money Group, which will henceforth be called CCF Group.
HSBC and My Money Group had announced a memorandum of understanding in June 2021 before the transaction was blocked due to capital concerns and rising interest rates. The two sides finally reached a new agreement last year.
The British group also sold its activities in Canada to Royal Bank of Canada (RBC) at the end of 2023 for 13.5 billion Canadian dollars (9.24 billion euros).
(Written by Gnaneshwar Rajan and Nilutpal Timsina, French version Nicolas Delame and Kate Entringer)
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