HSBC Says French Retail Bank Sale To Cost 1.9 Bn Euros

HSBC on Friday said it will incur a hefty charge of 1.9 billion euros with the sale of its French retail banking operations to French lender My Money Group

London, (APP - UrduPoint / Pakistan Point News - 18th Jun, 2021 ) :HSBC on Friday said it will incur a hefty charge of 1.9 billion Euros with the sale of its French retail banking operations to French lender My Money Group.

It comes as the Asia-focused banking giant is exiting also the retail sector in the United States.

London-headquartered HSBC said in a statement that the French sale, for a nominal one euro, would generate an estimated pre-tax loss of 1.9 billion euros ($2.25 billion).

The business comprises 244 retail branches, serving 800,000 customers at the end of last year.

HSBC said that about 3,900 employees would transfer to the buyer.

"The signing... for the potential sale of our French retail banking business represents a significant step in progressing the actions we announced during our strategic update earlier this year," said HSBC chief executive Noel Quinn.