Why HSBC is saying ‘au revoir’ to the bulk of its business in France

Why HSBC is saying ‘au revoir’ to the bulk of its business in France

HSBC's two decade adventure in France appears to be nearing its conclusion.Cerberus, the US private equity giant, is - according to the Wall Street Journal - in poll position to buy HSBC's loss-making French arm and merge it with its own business in the country, My Money Group, which it bought from General Electric in 2017.

The WSJ quoted a memo from Jean Beunardeau, chief executive of HSBC France, as saying a sale would include HSBC's French retail banking and wealth management operations but not its insurance and asset management operations.HSBC's French arm has 800,000 customers in the country, employs nearly 10,000 people and has some 230 bank branches.

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HSBC is a major sponsor of global sporting events, including the Paris 7s. Pic: AP



It also has a number of big sponsorship and partnership deals