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HSBC to sell its retail bank in France to My Money Group

2021-06-22T10:32:32.024Z

A subsidiary of the American group Cerberus, My Money Group aims to relaunch the former Crédit Commercial de France.



The French bank My Money Group, a subsidiary of the American fund Cerberus, announced on Friday that it had signed an agreement with the HSBC group to buy back its retail activities in France, with a view to resuscitating the former Crédit commercial de France (CCF).

The proposed transaction would allow My Money Group to acquire a total of 244 physical points of sale and 3,900 employees serving around 800,000 customers in France, the buyer said in a press release.

"

We are going to buy the assets, the teams, the deposits and the customers

", underlined during a press point Eric Shehadeh, the CEO of My Money Group.

However, the scope concerned does not include the insurance and asset management activities of HSBC in France, "

which will thus continue their existing activities and enter into a distribution agreement with My Money Group in order to market their products

", is- he still added.

Read also: HSBC to sell its retail bank in France to My Money Group

The integration of the retail activities of HSBC France will take two years, said Mayadah Shehadeh, who is giving "

three to four years

" to make this network profitable again. In addition, "

there will be no restructuring plan, if there is one, before 2024-2025

", he promised. In doing so, My Money Group explains that its ambition is "

to revive the CCF brand (formerly Crédit Commercial de France)

", bought in 2000 by the HSBC group and renamed "

HSBC France

".

My Money Group, born from the takeover by the General Electric group in 1995 of Sovac (Société de Vente des Automobiles Citroën), founded by André Citroën in 1919, employs around 850 people and has more than 250,000 customers in metropolitan France, but also in France. - sea through its local subsidiaries in Martinique, Guadeloupe, French Guiana and on Reunion Island.

Under the My Money Bank brand (formerly GE Money Bank), the group offers specialized financing solutions to individuals and real estate credit activities to professionals.

Source: lefigaro

All business articles on 2021-06-22

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