LONDON :HSBC on Wednesday announced newly negotiated terms that could pave the way for a strategically-important sale of its French retail banking business, after the transaction stalled earlier this year on regulatory capital concerns.HSBC said the indirect shareholder of Cerberus-backed My Money Group, whic
LONDON :HSBC on Wednesday announced newly negotiated terms that could pave the way for a strategically-important sale of its French retail banking business, after the transaction stalled earlier this year on regulatory capital concerns.
HSBC will also retain a portfolio of home loans worth around 7 billion euros, originally earmarked as part of the deal and which it said it might still look to sell at a later date. As part of the deal HSBC will now also receive a profit participation interest of 1.25 times the amount invested, in exchange for investing up to 407 million euros of capital into My Money Group's top holding company.
HSBC announced the proposed France deal in June 2021 at a nominal price of one euro, as part of a retreat from slow-growing European and North American markets where it has struggled against larger domestic players.The British lender said it now expects to incur a pre-tax loss on the sale of up to $2.7 billion, up from $2.3 billion when it originally announced the deal, albeit the final loss will depend on prevailing interest rates at the time.
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