(Alliance News) - HSBC Holdings PLC on Friday said it remained committed to the sale of its retail banking business in France, but added that the disposal is not certain.
The bank explained that the French retail banking system is no longer classified as held for sale because a disposal was less certain due to interest rate increases. As it is no longer classified as held for sale, HSBC will see a USD2 billion reversal of a previously booked impairment.
HSBC aims to sell the banking unit by the end of May 2024, with the framework agreement terminating automatically if a sale does not occur.
HSBC announced the planned sale of the unit in June 2021.
HSBC shares rose 3.1% to 585.10 pence each in London on Friday afternoon.
By Tom Budszus, Alliance News reporter
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HSBC Holdings (HSBA)