British bank HSBC on Monday said that it had completed the sale of its French retail banking unit.

The sale of the HSBC Continental Europe (HBCE) to My Money Group-owned Crédit Commercial de France (CCF) was first announced in June 2021 at a nominal price of €1.

The deal stalled in June 2023 due to regulatory capital concerns, forcing HSBC to negotiate new terms. While the adjustments have now satisfied relevant regulators, HSBC did not disclose the terms of the eventual sale in its statement on 1 January.

Commenting on the transaction, Noel Quinn, group CEO said: “I am pleased to announce the completion of the sale of HSBC‘s Retail Banking activities in France. This represents an important milestone in our strategic vision for Europe.

“I am delighted with this positive start to 2024 – our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted Wealth and Private Banking business.”

In its statement, My Money Group – which has rebranded as CCF Group – said that the unit would give it total assets surpassing €30 billion and a solvency position with a CET1 ratio of more than 15 per cent.

The former HSBC unit, HSBC SFH, is renamed CCF SFH.

HSBC, which is currently undergoing a period of stepping back from certain international markets, closed the sale of its Canadian business to the Royal Bank of Canada in a deal worth around $10 billion in September 2023.

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