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Retail banking news

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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.

The buyer has recently informed us that due to significant and unexpected interest rate rises in France since this sale Agreement was signed, and the related accounting treatment on acquisition, they wish to amend the terms of the transaction. The parties are continuing discussions.

HSBC remains committed to pursuing the sale providing appropriate terms can be agreed.

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 17 April 2023

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