HSBC Discusses Sale of French Banking Division with US Severus
[Asia Economy Reporter Yujin Cho] HSBC is reportedly in negotiations with U.S.-based Cerberus Capital Management to sell its French retail banking division, according to the Wall Street Journal (WSJ) on the 17th (local time).
WSJ cited a memo from Jean Bonardo, CEO of HSBC Continental Europe, sent to employees, stating that the bank plans to withdraw from the low-profit French retail banking sector. HSBC is also considering selling its retail banking branches in the United States.
In the memo, Bonardo said, "Since the negotiations are not yet complete, we cannot guarantee that this negotiation will lead to an actual deal," and added, "The sale negotiations will be finalized in the coming weeks."
The sale will include retail banking and asset management divisions but will exclude insurance and asset management sectors.
Cerberus is reportedly planning to acquire the French retail banking division and merge it with MyMoney Group, a French financial company acquired from General Electric (GE) in 2017.
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Headquartered in the UK, HSBC has been divesting assets in Europe and North America, where profit shares are low, and focusing its business efforts in the Asia region.
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