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World HSBC France: The retail bank in France sold to My Money Group for a symbolic euro

13:40  25 november  2021
13:40  25 november  2021 Source:   pressfrom.com

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HSBC France : la banque de détail en France vendue à My Money Group pour un euro symbolique © Open Grid Scheduler / Grid Engine Follow / Flickr HSBC France: The retail bank in France sold to My Money Group for a symbolic euro The French Bank My Money Group, a subsidiary of the American Fund Cerberus, and HSBC have signed an agreement confirming the transfer of retail activities in France from the British banking giant for a symbolic euro.

My Money Group and HSBC signed an agreement for the sale of retail activities in France from the British banking giant, all for a symbolic euro . "Thanks to this acquisition, My Money Group will benefit 2023 with a strong network of approximately 800,000 customers, 244 physical outlets and 3,900 employees, with assets of nearly 24 billion euros, 21 billion euros of Customer loans and 19 billion euros of deposits, "said the company in a statement. This signature follows the Memorandum of Understanding concluded in June and shall, provided that the transaction is approved by the "regulatory and competition authorities", at the Renaissance of the CCF brand (former commercial Crédit de France) " , redeemed in 2000 by the HSBC group and renamed "HSBC France".

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This announcement is the culmination of a long process for HSBC, which had placed since At least 2019 its retail activity in France under strategic review because of a difficult environment, marked by the deceleration of the global economy and the persistence of historically low interest rates in Europe. On the other hand does not include HSBC Insurance and Asset Management Activities in France.

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My Money Group employs approximately 850 employees and has more than 250,000 customers. Under the brand My Money Bank (ex GE Money Bank), the Group offers specialized financing solutions to individuals, including automobile in DOM-TOM, and real estate credit activities to professionals.

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