My Money Group (Cerberus-backed) Planned Purchase of HSBC Continental Europe’s French Retail Banking Business
April 14, 2023
HSBC Continental Europe (HBCE) announced it had signed a Memorandum of Understanding and later a binding Framework Agreement with Promontoria MMB SAS and its subsidiary Banque des Caraïbes SA (My Money Group and the Purchaser) to sell HBCE’s retail banking business in France. Due to significant unexpected interest-rate rises since 2021, the Purchaser says it may be unable to obtain regulatory approval without amending the previously agreed deal terms, implying potential closing delays and more uncertainty.
- Buyers
- Promontoria MMB SAS (My Money Group), Banque des Caraïbes SA
- Targets
- HSBC Continental Europe’s retail banking business in France
- Sellers
- HSBC Continental Europe (HBCE)
- Industry
- Financial Services
- Location
- France
- Transaction Type
- Buyout
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