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HSBC completes sale of retail banking business in France

Illustration shows HSBC logo

(Reuters) -HSBC subsidiary HSBC Continental Europe (HBCE) has completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group, the British lender said in a statement on Monday.

"All necessary regulatory approvals were obtained and the transaction completed on 1 January," HSBC said.

Cerberus-backed My Money Group on Sunday said it would have total assets surpassing 30 billion euros ($33.11 billion) and a solvency position with a CET1 ratio exceeding 15% at close.

"Further reinforcing its financial strength is a substantial liquidity position of around 10 billion euros in cash," My Money Group said.

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In June last year, HSBC initiated new negotiation terms after the transaction was stalled due to regulatory capital concerns.

HSBC announced the proposed deal in June 2021 at a nominal price of one euro.

Last year, Royal Bank of Canada won approval for its C$13.5 billion dollar ($10.2 billion) acquisition of HSBC's Canadian unit.

($1 = 0.9061 euros)

(Reporting by Gnaneshwar Rajan and Nilutpal Timsina in Bengaluru; editing by Jason Neely)