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(Alliance News) - FTSE 100-listed lender HSBC Holdings PLC has hired investment bank Lazard Ltd to sell its French retail banking unit, Reuters reported on Tuesday.
The news wire - citing sources close to the matter - said the potential sale of the French retail unit was part of a plan by new Interim Chief Executive Officer Noel Quinn to cut costs. Quinn temporarily took over at HSBC after former boss John Flint unexpectedly resigned.
In France, HSBC has around 270 retail banking branches employing around 3,000 of its 8,000 staff in the country. It entered the country in 2000, after it bought Credit Commerciale de France for EUR11 billion.
Lazard is expected to sound out French banks including BNP Paribas SA, Credit Mutuel and Societe Generale SA as potential buyers for the unit. The unit is estimated to be worth EUR1 billion.
https://www.reuters.com/article/us-hsbc-france-m-a-banks/hsbc-taps-lazard-to-sell-french-retail-business-source-idUSKBN1WU20U
Shares in HSBC were 0.1% higher at 606.40 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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