HSBC Holdings PLC HSBC said it has completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group.
All necessary regulatory approvals were obtained, and the transaction was completed on January 1, 2024, the company said in a statement.
"I am delighted with this positive start to 2024 - our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted Wealth and Private Banking business," Noel Quinn, Group CEO, said.
My Money Group, supported by Cerberus, announced its projection to exceed 30 billion euros ($33.11 billion) in total assets and secure a solvency position boasting a CET1 ratio surpassing 15% by close, a Reuters report added.
In June of the preceding year, HSBC introduced revised negotiation terms following a pause in the transaction due to concerns related to regulatory capital.
The proposed deal, initially announced by HSBC in June 2021 at a nominal price of one euro, underwent adjustments in response to regulatory considerations, it added.
Price Action: HSBC shares are trading lower by 1.11% to $40.08 premarket on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
