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
Can’t stop reading? Read more
Carlyle and Goldman Sachs open private credit funds to Willow users with $10,000 minimum
Carlyle and Goldman Sachs open private credit funds to Willow users with $10,000 minimum Carlyle,...
EQT, PAI, and Stone Point shortlisted for €2bn takeover of Castik-backed Global Group
EQT, PAI, and Stone Point shortlisted for €2bn takeover of Castik-backed Global Group EQT, PAI...
CAIS Advisors unveils retail vehicle giving investors a stake in elite sports and media
CAIS Advisors unveils retail vehicle giving investors a stake in elite sports and media Eldridge...