HSBC Negotiates Sale of French Retail Bank with US Private Equity Firm
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[Asia Economy Reporter Kwon Jae-hee] European major bank HSBC is reportedly in negotiations to sell its retail banking operations (small transactions for individuals and small businesses) in France to the US private equity firm Cerberus Capital Management, according to the Wall Street Journal (WSJ) on the 17th (local time).
According to WSJ, citing Jean-Bernard Bonardo, HSBC Continental European head, Cerberus plans to acquire the French retail bank and merge it with the French financial company MyMoney Group, which it acquired in 2017.
In a memo sent to employees, Bonardo explained, "Negotiations are ongoing, and the deal may or may not materialize," adding, "The sale includes retail banking and wealth management divisions, but excludes insurance and asset management divisions."
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Recently, HSBC has been focusing its operations on the Asia region, where most of its profits are generated, while reducing its presence in Europe and North America. HSBC is also considering selling its unprofitable retail bank branches in the United States.
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