HSBC concludes sale of retail banking business to Crédit Commercial de France

<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC.jpg 730w, https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2020/01/HSBC-PIC-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>The British lending company acquired Crédit Commercial de France, a financial services provider and subsidiary of the My Money Group, more than two decades ago in April 2000. Reportedly, this acquisition amounted to a minimum of €11.08bn.</p>
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<p>Reuters indicated that after the sale, My Money Group will own the total assets, which are estimated to be more than €30bn. The agreement also boosts the solvency standing of this company with a common equity tier (CET) 1 ratio exceeding 15%. According to Reuters, My Money Group said:</p>
<blockquote><p>Further reinforcing its financial strength is a substantial liquidity position of around 10 billion euros in cash.</p></blockquote>
<div><img aria-describedby="caption-attachment-451697" decoding="async" class="wp-image-451697" src="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-700×700.jpg" alt="" width="98" height="98" srcset="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-700×700.jpg 700w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-250×250.jpg 250w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-150×150.jpg 150w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-768×768.jpg 768w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-120×120.jpg 120w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-245×245.jpg 245w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn-500×500.jpg 500w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-HSBC-concludes-sale-of-retail-banking-business-to-Credit-Commercial-de-France-5767438059-noel-quinn.jpg 800w" sizes="(max-width: 98px) 100vw, 98px" /><p>Noel Quinn Source: LinkedIn</p></div>
<p>In June 2021, HSBC indicated the intended sale was hindered due to regulatory capital concerns. At that time, it proposed a nominal price of €1. Noel Quinn, HSBC’s group CEO, commented:</p>
<blockquote><p>I am pleased to announce the completion of the sale of <a href="https://www.leaprate.com/financial-services/fines/cftc-imposes-a-45-million-penalty-on-hsbc-for-manipulative-and-deceptive-trading/" target="_blank" rel="noopener">HSBC‘s</a> Retail Banking activities in France. This represents an important milestone in our strategic vision for Europe. I am delighted with this positive start to 2024 – our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted Wealth and Private Banking business.</p></blockquote>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/financial-services/hsbc-concludes-sale-of-retail-banking-business-to-credit-commercial-de-france/">HSBC concludes sale of retail banking business to Crédit Commercial de France</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>