LONDON/PARIS (Reuters) – 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 endeavour 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 (DE:) and Commerzbank (DE:), 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.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
