HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus.
Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported.
Beunardeau said the scope of the potential deal included retail banking but not insurance or asset management, according to the FT.
At this stage the deal could still fall through and other bidders could make an offer.
The move is understood to be part of HSBC’s plan to “pivot to Asia”.
The bank plans to cut jobs in its London-based equities division, and some Canary Wharf staff will move overseas to the likes of Hong Kong as the HSBC seeks to accelerate its presence in Asia.
Source: City AM
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