Our perspective and support
In June 2021, we informed you of a plan to transfer the retail banking business in France from HSBC Continental Europe to a member of My Money Group, an independent French banking group, supervised in France by the Supervisory Control and Resolution Authority ("ACPR").
In November 2021, the divestiture process entered a new phase with the signing of a framework contract between HSBC Continental Europe and My Money Group allowing the start of the implementation stage of the transaction.
On 14 April 2023, HSBC Continental Europe announced that, following significant interest rate rises since the sale was first agreed in 2021, the completion of the transfer was less certain, and that retail banking activities in France were no longer classified as "held for sale".
On June 14, 2023, HSBC Continental Europe signed a further Memorandum of Understanding with My Money Group regarding certain potential changes to the terms of the transaction.
These changes do not alter the substance of the transaction: the potential changes are designed to enable the purchaser to satisfy its future capital requirements and obtain the regulatory approvals necessary to complete the transfer.
The parties are aiming to close the transaction on 1 January 2024.
All HSBC teams remain fully mobilized to support you in your projects. We will continue to keep you informed and share with you important news about this transfer project.
Information last updated on 16 June 2023