Our perspective and support
The sale of our retail operations for HSBC Continental Europe (“HBCE”) in France to the My Money Group (“MMG”) enters a new phase from November 25, 2021. The parties, having completed their Information and Consultation processes with their respective works councils, were able to sign a Framework Agreement enabling the start of the transaction implementation phase.
In parallel, several other agreements have been entered into aiming to ensure continuity of service for HBCE’s retail banking customers who hold asset management products with HSBC Global Asset Management (France) and HSBC REIM (France), and protection and/or life-wrapped insurance products with HSBC Assurances Vie (France).
MMG’s intention is to develop a leading independent wealth management bank in France, relying on the professionalism and expertise of the staff supporting the activities, by accelerating investment in technology and digital services, capitalizing on high-value-added advice capabilities and streamlining operational processes. The bank will operate under the CCF brand, which embodies the values of customer service and innovation, since its creation over 100 years ago.
This decisive step marks the start of a process that is expected to complete during 2023, subject to the completion of key milestones, including:
- Clearance from relevant supervisors, including the Autorité de contrôle prudentiel et de résolution, the European Central Bank and other regulatory bodies.
- The IT, operational and commercial migration of the business from HBCE to MMG.
We will continue to share important information here throughout this transition period.
Information last updated on 11/25/21