(Alliance News) - HSBC Holdings PLC will sell its French retail business to private equity firm Cerebus Capital Management, Bloomberg reported on Wednesday, as the bank continues to pivot towards Asia.
A deal has been agreed and is expected to be announced over the coming days, Bloomberg reported, citing people familiar with the matter.
It will bring an end to a more than 18-months long process sales process for the HSBC unit, Bloomberg added. The bank is aiming to cut its gross risk-weighted assets by more than USD100 billion.
https://www.bloomberg.com/news/articles/2021-06-16/hsbc-set-to-announce-sale-of-french-retail-unit-to-cerberus?srnd=deals
HSBC already has announced plans to exit the retail and small business banking market in the US, in line with its strategy to refocus on corporate and investment banking in Asia.
The London-headquartered lender back in October said it was continuing with the strategic review of its retail banking operations in France.
HSBC shares closed 0.4% higher at 438.05 pence each in London on Wednesday.
By Eric Cunha; ericcunha@alliancenews.com
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