HSBC Sells French Loan Portfolio to Its Former France Subsidiary

HSBC Holdings Plc has sold €6.7 billion ($7.8 billion) of French loans to a consortium that includes its former French subsidiary CCF.

The London-headquartered bank said its European unit had reached a preliminary deal to sell the portfolio, having already written down its value by €1.2 billion earlier this year, according to a statement. It did not announce a sale price.

The CCF consortium, which also includes UK insurer Rothesay Life Plc, is expected to finalize the deal in the fourth quarter. The portfolio is predominantly composed of home loans, but also includes retail loans. HSBC said in February ...