HSBC ends in pain its adventure in the banking of individuals in France.
After long months of negotiations, the British banking giant formalized on Friday the sale of these activities to My Money Group, the French banking group controlled by the American investment fund Cerberus.
The operation has yet to get the green light from the authorities.
Specializing in specialized financing, My Money Group (formerly GE Money) will take over the 800,000 customers of HSBC France, 244 branches and 3,900 group employees.
"We are going to buy the assets, the teams, the deposits and the customers"
, explains Éric Shehadeh, CEO of My Money Group.
In contrast, insurance, asset management and private banking activities will remain in the hands of HSBC in France.
The new entity owned by My Money Group will be called CCF
Twenty years after its takeover by HSBC, Crédit commercial de France (CCF) will therefore rise from its ashes.
HSBC France should be sold to the Cerberus fund
The sale of retail banking in France costs excessively
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