HSBC completes sale of retail banking business in France

HSBC (HSBA.L) subsidiary HSBC Continental Europe (HBCE) has completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group, the British lender said in a statement on Monday.

“All necessary regulatory approvals were obtained and the transaction completed on 1 January,” HSBC said.

Cerberus-backed My Money Group on Sunday said it would have total assets surpassing 30 billion euros ($33.11 billion) and a solvency position with a CET1 ratio exceeding 15 per cent at close.

“Further reinforcing its financial strength is a substantial liquidity position of around 10 billion euros in cash,” My Money Group said.

In June last year, HSBC initiated new negotiation terms after the transaction was stalled due to regulatory capital concerns.

HSBC announced the proposed deal in June 2021 at a nominal price of one euro.

Last year, Royal Bank of Canada (RY.TO) won approval for its C$13.5 billion dollar ($10.2 billion) acquisition of HSBC’s Canadian unit.