Our perspective and support
We display here the communication addressed by Jean Beunardeau, CEO HSBC Continental Europe, to retail banking customers in France on June 18th, 2021.
Dear Madam, Dear Sir,
As the press has reported, HSBC has been working for several months on its European strategy. In this context, I would like to inform you of a proposal to sell our retail banking activity in France to My Money Group, an independent French banking group, supervised in France by the Autorité de contrôle prudentiel et de résolution (ACPR).
My Money Group is owned by Cerberus Capital Management, a large investment group which manages participations bringing together nearly 400,000 employees around the world, and generating an annual turnover of 70 billion dollars.
My Money Group's intention is to develop a leading wealth bank in France, relying on the professionalism of the same teams who have been serving you today and for many years at HSBC, by accelerating investment in technology and digital services, as well as in our high-value-added advice capabilities and by streamlining operational processes.
This bank would take over the CCF brand, which embodies the values of customer service and innovation, since its creation over 100 years ago. All employees serving our retail banking and wealth management activities would continue their activity there.
We will get back to you to keep you informed of the progress of this project, which would in any event only become effective during the first half 2023, and subject to the approvals notably of the ACPR and the European Central Bank. Your contacts remain the same and your usual adviser is at your disposal to answer your questions.
We will continue during this period, without change, to finance your projects and advise you on the management of your assets, in this environment of often negative interest rates in Europe which is a challenge for the preservation of the real value at long term of your savings invested at a fixed rate.
Our advisers are at your disposal to study investment options exposed to economic growth, in equities or real estate, depending on your investment horizon.
Thanking you for your loyalty,
Chief Executive Officer HSBC Continental Europe