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    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : Cerberus-backed My Money Group to buy HSBC's French retail bank

06/18/2021 | 11:00am EDT

HSBC has agreed to sell its French retail banking arm to My Money Group, a company backed by private equity firm Cerberus.

The transaction has been agreed, wrapping up an 18 month effort by HSBC to shed the struggling business as it shifts its investment focus to Asia.

My Money Group on Friday announced the deal, in which it will acquire 244 retail branches, around 3,900 employees and €24bn in assets. The firm was optimistic about the crowded French retail banking market, and said the combined businesses would create “an exciting and diverse challenger bank.”

“Our aim would be for the bank to return to profitability, three years after we have taken control of it,” My Money chief executive Eric Shehadeh told Reuters.

The deal is the latest step in HSBC’s global positioning overhaul, as it aims to cut gross risk-weighted assets by more than $100bn and cut 35,000 jobs. The British bank has been retreating from European and North American markets, where it’s struggled to compete with larger domestic banks.

HSBC announced it was exiting US mass-market retail banking at the end of May, to focus on banking and wealth management centres in 20-25 international “wealth centres”, where 300,000 key high net worth clients are based.


The British bank had already begun retreating in France last summer, when it cut a third of its 678 investment banking staff, including almost all of its Paris-based bankers in the structural derivatives department.

US-based private equity firm Cerberus bought My Money Bank in France in 2017. The new deal is the latest addition to its European investments, which include stakes in Deutsche Bank and Commerzbank.

The transaction is expected to close in the first half of 2023.

The post HSBC to sell French retail bank to Cerberus-backed My Money Group appeared first on CityAM.

© City AM, source Newspaper

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Financials (USD)
Sales 2021 49 763 M - -
Net income 2021 10 725 M - -
Net Debt 2021 - - -
P/E ratio 2021 11,5x
Yield 2021 4,16%
Capitalization 115 B 115 B -
Capi. / Sales 2021 2,30x
Capi. / Sales 2022 2,22x
Nbr of Employees 222 550
Free-Float 98,2%
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Number of Analysts 24
Last Close Price 5,61 $
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Noel Paul Quinn Group Chief Executive Officer & Executive Director
Ewen James Stevenson Chief Financial Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
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