LONDON/PARIS — HSBC has agreed to sell its French retail banking operations to the My Money Group firm backed by private equity group Cerberus, ending HSBC’s years-long endeavor to dispose of the struggling business as it pivots towards Asia.
My Money Group announced the agreement in a statement on Friday.
HSBC has been trying to shrink its presence in some European and North American markets where it has struggled against larger domestic players, while Cerberus already owns stakes in Deutsche Bank and Commerzbank, along with My Money Group.
“My Money Group, with the backing of funds managed by Cerberus Capital Management, can support the growth of HSBC Continental Europe’s French retail network by applying our market knowledge and expertise in digital transformation,” said My Money Group chief executive Eric Shehadeh. (Reporting by Lawrence White and Gwenaelle Barzic; Editing by Sudip Kar-Gupta)