HSBC warns France retail bank sale may not go through

April 14, 2023 01:18 PM BST | By Reuters
Follow us on Google News:
Image source: Reuters

LONDON (Reuters) - HSBC's planned sale of its French retail banking business to Cerberus-backed My Money Group may fall through due to interest rate rises in France, the British bank said on Friday.

Rate hikes have increased the amount of capital required by the enlarged purchaser after completion, HSBC said.

"Unless this issue is addressed, the Purchaserwill be unable to obtain regulatory approval for the Transaction," HSBC said.

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

(Reporting by Lawrence White; Editing by Mark Potter)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Top LSE Listed Companies