My Money Group and HSBC have signed an agreement for the sale of the retail activities in France to the British banking giant, all for a symbolic euro. “Thanks to this acquisition, My Money Group will benefit in 2023 from a strong network of approximately 800,000 customers, 244 physical points of sale and 3,900 employees, which has assets of around 24 billion euros, 21 billion euros in customer loans and 19 billion euros in deposits,” the company said in a statement. This signature follows the memorandum of understanding concluded in June and will lead, under the operation approved by the “regulatory and competition authority”, to the revival of the CCF brand (formerly Crédit Commercial de France)” , bought in 2000 by the HSBC group and renamed “HSBC France”.
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This announcement is the culmination of a long process for HSBC, which has put its retail activity in France under strategic review since 2019 due to a difficult environment at the time, marked by the decline of the global economy and to continue the history below. interest rates in Europe. The acquisition, however, does not include HSBC’s insurance and asset management activities in France.
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My Money Group employs approximately 850 people and has more than 250,000 customers. Under the My Money Bank (formerly GE Money Bank) brand, the group offers customized financing solutions to individuals, particularly vehicles in French overseas departments and territories, and loan activities. in real estate to professionals.
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