Regulatory News:
Further to our announcements of 18 June 2021 and 14 June 2023, HSBC Continental Europe (‘HBCE’) has completed on 1 January 2024 the sale of its retail banking business in France (the ‘Transaction‘) to CCF, a subsidiary of Promontoria MMB SAS (‘My Money Group’). My Money Group and CCF are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P.
As the Transaction also included the sale by HBCE of its 100% ownership interest in HSBC SFH (France) (‘HSFH’), HSFH is now wholly owned by CCF and has changed its legal name to CCF SFH effective from 1 January 2024.
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The completion of the Transaction marks a key milestone in HBCE’s transformation and will allow the bank to focus on its international banking business model that comprises commercial banking, global banking and markets activities for corporate and institutional clients, as well as asset management and insurance, complemented by a targeted wealth and private banking business.
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