My Money Group announces agreement to acquire HBCE’s retail banking network in France, due to be effective 2023

My Money Group announces agreement to acquire HBCE’s retail banking network in France, due to be effective 2023

•    Under this agreement, My Money Group is acquiring a banking network of 244 bricks-and-mortar branches and 3,900 employees serving approximately 800,000 customers in France

•    Combination aims to re-establish and build on the Crédit Commercial de France (CCF) brand, well known for the excellency of its retail banking expertise and wealth management solutions

Paris, 25 November 2021 - My Money Group, a leading independent French banking group, is today announcing it has reached agreement on a binding deal with HSBC Continental Europe (HBCE) to buy its retail banking network in France. This agreement follows on from the memorandum of understanding providing for HBCE and My Money Group to inform and consult their respective employee representative bodies concerning the deal. The transaction is subject to regulatory approvals and is expected to close in 2023.

Eric Shehadeh, Chairman and Chief Executive Officer of My Money Group, commented: “We are delighted to announce today we have reached agreement with HBCE and the acquisition of its retail banking network in France is set to go ahead. Under the deal, My Money Group will restore the iconic CCF brand, which has kept intact its prestigious reputation among the French general public. The goal is to re-establish a French bank of a manageable size equipped with the latest technology that can build close relationships, respond rapidly to requests, make decisions at the appropriate level and really get to know customers, just as CCF did in the past.”

An iconic brand for a manageably sized wealth management bank with a distinctive positioning in the French market

Thanks to this acquisition and subject to regulatory approval, My Money Group will have at its disposal as of 2023 a strong network of around 800,000 customers, 244 branches and 3,900 employees, with close to €24 billion in assets under management, a €21 billion customer loan book and €19 billion in deposits.

The new entity operating under the CCF name, an iconic brand still firmly entrenched in people’s minds across France, will be a manageably sized wealth management bank that boasts a large bespoke product portfolio and an even greater ability to pursue innovation.

Its positioning in the French market will be highly distinctive. The new CCF will aim to perpetuate its brand’s reputation for excellence underpinned by its well-known retail banking and wealth management expertise. In addition to these competitive advantages, My Money Group will bring an innovative range of solutions, with a view to making the bank a highly agile and cutting-edge contender by harnessing its digital transformation expertise and investing heavily in innovation and digital systems.

A deal that will create value for all stakeholders

My Money Group intends to support a structural transformation of HBCE’s French retail banking network by: 
•    Raising the standard of customer service
•    Rolling out digital solutions
•    Developing bespoke new wealth management products that fit the needs of French customers like a glove
•    Pursuing collaborative ventures with external partners highly reputed in specialized areas
•    Make significant investments in overhauling the IT architecture and optimizing internal processes
•    And working together with a leading bank to harness the benefit of their technology platform to drive forward this transformation

Customers of the new CCF, an independent French bank, will enjoy the benefit of local support and personalized services, as well as access to a revitalized, bespoke range of products.

About My Money Group

My Money Group is an independent French banking group focused on consumer finance (including remortgages, personal loans, car financing and commercial real estate) as well as specialized lending to commercial clients. The bank provides its clients superior customer service and financial solutions. My Money Group operates in mainland France and in the French Overseas Territories. It has offices in Paris, an operational center of excellence in Nantes, and franchises in Martinique, Guadeloupe, French Guyana (Somafi-Soguafi, Banque des Caraïbes) and Reunion Island (Sorefi).

About HSBC Continental Europe

HSBC Continental Europe is a subsidiary of HSBC Holdings plc. HSBC Continental Europe is headquartered in Paris. HSBC Continental Europe includes, in addition to its banking activities in France, the activities of 10 European branches (Belgium, Spain, Greece, Ireland, Italy, Luxembourg, Netherlands, Poland, Czech Republic and Sweden). HSBC Continental Europe’s mission is to meet the worldwide needs of its continental European customers and the continental European needs of its customers based in other Group countries.

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with approximately $55 billion in assets across complementary credit, private equity, and real estate strategies. Cerberus’ invests across the capital structure where its integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Cerberus’ tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for its investors. For more information about Cerberus people and platforms, visit its website at www.cerberus.com.

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