The move is part of London-headquarters HSBC’s efforts to simplify and refocus operations on its major region of Asia.
After more than two years HSBC transferred on Monday for an undisclosed amount its retail banking network in France to My Money Group, controlled by US private equity fund Cerberus.
The operation will see HSBC France’s nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF, a brand that HSBC shelved when it began operations in France some two decades ago.
The move is part of London-headquarters HSBC’s efforts to simplify and refocus operations on its major region of Asia.
When announcing the planned sale in June 2021, HSBC said the transfer for a nominal one euro would see it incur a hefty charge.
But the rise in global interest rates complicated negotiations, with HSBC finally booking a charge of $2.4 billion against third quarter 2022 over the French unit.
The terms of the final deal were not disclosed.
