HBCE Completes Sale of Its French Retail Banking Business to My Money Group

HSBC Continental Europe (HBCE) has completed the sale of its retail banking business in France to CCF, a subsidiary of My Money Group, an independent French banking group, on Monday.

“Further to our announcements on 18 June 2021 and 14 June 2023, HSBC Continental Europe (HBCE) has completed the sale of its retail banking business in France to CCF, a subsidiary of My Money Group. All necessary regulatory approvals were obtained and the transaction completed on 1 January 2024,” HBCE said.

Commenting on the transaction, Noel Quinn, HBCE’s Group CEO, said that the completion of the sale of HSBC‘s retail banking activities in France represented an important milestone in their strategic vision for Europe.

“I am delighted with this positive start to 2024 – our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted Wealth and Private Banking business,” Quinn added.

It may be recalled that My Money Group has reached agreement on a binding deal with HBCE to buy its retail banking network in France in 2021. This agreement follows on from the memorandum of understanding providing for HBCE and My Money Group to inform and consult their respective employee representative bodies concerning the deal. The transaction is subject to regulatory approvals and is expected to close in 2023.

Restoring CCF Brand

According to Eric Shehadeh, Chairman and CEO of My Money Group, My Money Group will restore the iconic CCF brand, which has kept intact its prestigious reputation among the French general public under the deal.

The goal is to re-establish a French bank of a manageable size equipped with the latest technology that can build close relationships, respond rapidly to requests, make decisions at the appropriate level and really get to know customers, just as CCF did in the past, he said at that time.

With this latest acquisition subject to regulatory approval, My Money Group will have at its disposal as of 2023 a strong network of around 800,000 customers, 244 branches and 3,900 employees, with close to $26.48 billionb in assets under management, a $23.17 billion customer loan book and $20.96 billion in deposits.

The new entity operating under the CCF name, an iconic brand still firmly entrenched in people’s minds across France, will be a manageably sized wealth management bank that boasts a large bespoke product portfolio and an even greater ability to pursue innovation.

Its positioning in the French market will be highly distinctive. The new CCF will aim to perpetuate its brand’s reputation for excellence underpinned by its well-known retail banking and wealth management expertise.

In addition to these competitive advantages, My Money Group will bring an innovative range of solutions, with a view to making the bank a highly agile and cutting-edge contender by harnessing its digital transformation expertise and investing heavily in innovation and digital systems.

Value for All Stakeholders

My Money Group intends to support a structural transformation of HBCE’s French retail banking network by raising the standard of customer service, rolling out digital solutions, developing bespoke new wealth management products that fit the needs of French customers, pursue collaborative ventures with external partners highly reputed in specialised areas, make significant investments in overhauling the IT architecture and optimising internal processes and work together with a leading bank to harness the benefit of their technology platform to drive forward this transformation.