HSBC’s planned sale of the French retail bank is expected to take 4,000 to 8,000 workers off the bank’s payroll/Bloomberg
HSBC Holdings has commenced the sale of its French retail operations, part of a push by interim Chief Executive Officer Noel Quinn to cut costs at Europe’s largest lender by assets, reported Bloomberg.
The bank has sent out an overview of the business to potential buyers.
HSBC has also reached out to potential private-equity buyers including Apollo Global Management and Cerberus Capital Management and the bank is working with Lazard on the sale.
Any buyer would gain HSBC’s deposit base in France as well as around 230 retail branches. The move follows an exit by competitor Barclays which sold its French retail and wealth management business in 2017 to private-equity firm AnaCap Financial Partners.
HSBC’s planned sale of the French retail bank is expected to take 4,000 to 8,000 workers off the bank’s payroll. The lender is also planning to partially exit stock trading in other Western markets including Germany, the US and the UK.