FRANKFURT/PARIS: Cerberus and a rival investment firm have told HSBC they would buy its French retail arm for a symbolic €1 provided the British bank ploughs more than €500 million into the business, sources told Reuters.
Cerberus and the other investor are the only bidders left in the process while French banks, which initially studied the dossier, have all walked away, three sources said, speaking on condition of anonymity. They did not name the other investor.HSBC has previously said the business is under a strategic review.Both bidders want the business to be fully recapitalised with HSBC injecting at least €500 million before they can buy it for a symbolic amount of €1, the sources said.
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