HSBC France will sell 400 branches to Banques Populaires

HSBC France will sell 400 branches to Banques Populaires
The group Banques Populaires entered into exclusive negotiations to buy the British HSBC seven regional banks operating 400 branches in total. Its offer amounts to 2.1 billion euros.

La Tribune understood yesterday that the ICC was in the best position. They are finally Banques Populaires, which were selected Friday to begin exclusive negotiations to buy the seven regional banks owned by HSBC France. These banks Chaix, Dupuy, Parseval, Marze, Pelletier, of Savoy, Credit Commercial Southwest and the, SMC. Banques Populaires said to have offered 2.1 billion euros for those establishments that operate 400 branches in France and are particular about 425,000 customers and 62,000 professionals. The offer does not apply to agencies under brand HSBC (formerly RTC and Banque Hervet) concentrated in the major urban centres, or other trades HSBC (investment banking and markets, private banking).
For HSBC, this assignment is an opportunity to "redeploy its capital into other investments as part of the rebalancing strategy of his activities on behalf of emerging markets and segments with high growth," said Stephen Green , chairman of the HSBC group. It would affect only less than 40% of customers of HSBC and France less than 20% of pre-tax income of the subsidiary. Meanwhile, the Banques Populaires group sees such an acquisition means "to accelerate its momentum of conquest in the vicinity of the bank," said its chairman, Philip Smith. By adding to the 400 branches currently owned 2745, it actually happen before the Société Générale, current fourth national network with 2989 branches.