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Cerberus-backed firm My Money Group agrees to buy HSBC's French retail banking arm

Fri, 18th Jun 2021 13:00

LONDON/PARIS, June 18 (Reuters) - HSBC
has agreed to sell its French retail banking operations to the
My Money Group firm backed by private equity group Cerberus,
ending HSBC's years-long endeavour to dispose of the struggling
business as it pivots towards Asia.

My Money Group announced the agreement in a statement on
Friday.

HSBC has been trying to shrink its presence in some European
and North American markets where it has struggled against larger
domestic players, while Cerberus already owns stakes in Deutsche
Bank and Commerzbank, along with My Money
Group.

"My Money Group, with the backing of funds managed by
Cerberus Capital Management, can support the growth of HSBC
Continental Europe's French retail network by applying our
market knowledge and expertise in digital transformation," said
My Money Group chief executive Eric Shehadeh.
(Reporting by Lawrence White and Gwenaelle Barzic;
Editing by Sudip Kar-Gupta)

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