HSBC French Retail Banking Unit Sold to CCF, No Terms (1)

HSBC Continental Europe has completed the sale of its retail banking business in France to CCF, a subsidiary of My Money Group, according to a press statement.

• HSBC SFH is now wholly owned by CCF; changed its legal name to CCF SFH effective from Jan. 1
• No deal terms were disclosed
• My Money Group becomes CCF Group following the transaction, according to a separate statement
  • Group will have assets totaling ~€30b
  • CET1 ratio exceeding 15% at close
• CCF network and the online bank will be open for business from Jan. 2
• NOTE: In April, HSBC’s French Retail Unit Sale ‘Less ...