Cerberus-backed My Cash to purchase HSBC’s French retail financial institution By Reuters

© Reuters. FILE PHOTO: The HSBC financial institution brand is seen within the Canary Wharf monetary district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photograph LONDON/PARIS (Reuters) -HSBC has agreed to promote its French retail banking operations to My Cash Group, which is backed by non-public fairness group Cerberus, ending a protracted endeavour to



© Reuters. FILE PHOTO: The HSBC financial institution brand is seen within the Canary Wharf monetary district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photograph

LONDON/PARIS (Reuters) -HSBC has agreed to promote its French retail banking operations to My Cash Group, which is backed by non-public fairness group Cerberus, ending a protracted endeavour to eliminate the struggling enterprise because the British financial institution pivots in the direction of Asia.

My Cash introduced the settlement in an announcement on Friday.

HSBC has been making an attempt to shrink its presence in some European and North American markets the place it has struggled in opposition to bigger home gamers, whereas Cerberus already owns stakes in Deutsche Financial institution (DE:) and Commerzbank (DE:).

“My Cash Group, with the backing of funds managed by Cerberus Capital Administration, can assist the expansion of HSBC Continental Europe’s French retail community by making use of our market information and experience in digital transformation,” stated its chief govt Eric Shehadeh.

The deal will see My Cash purchase HSBC’s 244 branches, round 3900 employees and 24 billion euros in belongings, creating at a stroke what My Cash described as a brand new challenger financial institution in France’s crowded retail banking panorama.

My Cash stated it can resurrect the Credit score Industrial de France (CCF) model, the financial institution HSBC purchased for some 11 billion euros 21 years in the past because it tried to realize a foothold in one in every of Europe’s greatest banking markets.

Underneath French legislation, the 2 events must seek the advice of staff on the deal, and if HSBC and My Cash determine to proceed it may very well be signed within the third or fourth quarter of this 12 months.

My Cash stated it can make investments 200 million euros within the HSBC unit’s know-how infrastructure.

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