- June 18, 2021
- Posted by: Stratford Team
- Category: Business
- HSBC ends long struggle to exit France retail
- Cerberus snapping up European banks
- My Money to resurrect former CCF brand
LONDON/PARIS, June 18 (Reuters) – HSBC has agreed to sell its French retail bank to My Money Group, which is backed by private equity firm Cerberus, ending a long effort by the British bank to dispose of the struggling business as it focuses on Asia.
The deal announced by My Money on Friday sees HSBC (HSBA.L), take another significant step in a wider retreat from slow-growing European and North American markets where it has struggled against larger domestic players.
Meanwhile Cerberus continues to snap up banks in Europe, where the U.S. based private equity fund already owns stakes in Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE). read more
The deal will see My Money acquire HSBC’s 244 branches, around 3900 staff and 24 billion euros in assets, creating at a stroke what My Money described as a new challenger bank in France’s…
