HSBC’s planned sale of its French retail banking business to Cerberus-backed My Money Group may fall through due to interest rate rises in France that have boosted the amount of capital the buyer will need after completion, the British bank said on Friday.
Unexpected interest rate hikes have increased the amount of regulatory capital required by the enlarged purchaser after completion, HSBC said. The deal would see My Money acquire HSBC’s 244 French branches, around 3,900 staff and €24-billion in assets, creating at a stroke what My Money described in June 2021 as a new challenger bank in France’s crowded retail banking landscape.
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