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Bond Market News
HSBC to Sell French Retail Business to PE Firm Cerberus
March 18, 2021
Banking major HSBC has entered final negotiations to sell its French retail banking business to PE firm Cerberus Capital Management. The move is part of HSBC’s cost cutting measures and the source said that talks are conditional on price and may not result in a sale. “I have just informed unions that we have decided to progress discussions with MyMoneyGroup,” said HSBC France chief executive Jean Beunardeau as per the FT. MyMoneyGroup is a subsidiary of Cerebrus. Previously, advisers said that the sale of 230 French retail branches could be for a token amount and that HSBC would have to put €500mn ($595mn) for restructuring purposes.
HSBC bonds are flat with its recently issued USD 4% PerpNC5 at 99.58, yielding 4.1% while its USD 4.7% PerpNC10 is trading at 98.79 yielding 4.85%.
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