HSBC transfers its retail banking network in France under the CCF brand to the Cerberus fund

Paris, Jan 1 (EFECOM).- The British giant HSBC formalized this Monday the transfer to the American fund Cerberus of its retail banking network in France, which includes the Crédit Commercial de France (CCF) brand with which it entered that market.

The subsidiary HSBC Continental Europe, which is based in Paris, explained that the sale to My Money Group, controlled by Cerberus Capital Management, which had initially been announced on June 18, 2021, took place this January 1, in a statement in which he did not give any financial information about the operation.

Information that could appear in HSBC’s global results that will be published on February 21.

HSBC Continental Europe, which brings together 11 subsidiaries of the entity in Western Europe (including the Spanish one), indicated that the sale includes 100% of the entity called HSFH, which will be renamed CCF SFH as of today.

Regarding the reasons for the sale, he explained that it will allow HSBC Continental Europe to “focus on its international bank model.”

This includes banking businesses for companies, for financing, for investments, market activities for corporate clients and financial institutions, as well as asset management, insurance and a “selective” wealth management and private banking activity. .

The package acquired by Cerberus is made up of nearly 250 branches with 3,500 employees that serve approximately 800,000 individual customers.

It was in 2000 when HSBC bought CCF, a French entity that at that time had retail banking activities, but also corporate and financing activities. Now it is only divesting itself of the first of those businesses, since the rest will continue to be part of its portfolio in France. EFECOM

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