Cerberus and a rival investment firm have told HSBC they would buy its French retail arm for a symbolic one euro provided the British bank ploughs more than 500 million euros into the business, sources told Reuters.
HSBC is working with Lazard to sell its 270 retail branches in France as part of Chief Executive Noel Quinn's strategy to slash costs across the banking group.The bank has been struggling to attract interest in the unit as bidders fret at the heavy restructuring assumed to be necessary and complex talks with local regulators.
The sale process is culminating just as European bank share prices come under fresh pressure due to concerns about the economic impact of a second wave of COVID-19, with the STOXX 600 bank index hitting a record low on Friday.
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