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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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La Banque Postale weighs bid for HSBC France retail activities - sources

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12/18/2019 | 06:09pm EDT
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

The banking arm of French mail operator La Poste is exploring a bid for HSBC France's retail activities as part of its diversification efforts, sources with knowledge of the matter told Reuters.

La Banque Postale [LAPSTE.UL] is working with Barclays to carry out preliminary work on HSBC's French retail business ahead of an auction process which is due to start next year, the sources said, speaking on condition of anonymity.

The move comes just weeks before a complex merger between state-backed La Poste and CNP Assurances is due to close speeding up La Poste's plans to diversify away from its shrinking mail business.

La Banque Postale and Barclays declined to comment while HSBC only confirmed that its retail banking activities in France were being reviewed.

HSBC is working with Lazard to prepare the sale of its 270 retail branches in France as interim chief executive Noel Quinn wants to reduce costs across the banking group.

The auction is expected to draw interest from a handful of French banks, the sources said.

Unlike La Banque Postale, most French lenders are wary of scaling up their retail networks due to a general fall in profitability for retail banking in Europe.

"La Banque Postale is a strong candidate," one of the sources said, adding its ongoing merger with CNP Assurances was close to the finishing line and would not prevent the company from pursuing another transformational deal.

The merger with CNP Assurances will happen through state-owned investment fund La Caisse des Depots et Consignations, or CDC, which owns minority stakes in both La Poste and CNP Assurances.

French watchdog AMF said in June it had authorized both CDC and the French government to transfer their combined 42% stake in CNP Assurances to La Poste's banking arm La Banque Postale.

Barclays and Lazard worked on the deal representing La Poste and CDC, respectively.

HSBC France boss Jean Beunardeau told French staff in December that while carrying out a strategic review the bank had "started a dialogue with financial institutions" which could be interested in the business, according to an email seen by Reuters.

He added the strategic review included HSBC's operations targeting small and medium-sized enterprises.

By Maya Nikolaeva and Pamela Barbaglia

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 7.47% 86.17 Delayed Quote.-55.33%
CNP ASSURANCES 2.60% 8.28 Real-time Quote.-54.48%
HSBC HOLDINGS PLC 4.52% 414.9 Delayed Quote.-32.89%
LAZARD LTD -1.62% 22.54 Delayed Quote.-43.59%
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Financials (USD)
Sales 2020 52 002 M
EBIT 2020 19 717 M
Net income 2020 9 014 M
Debt 2020 -
Yield 2020 9,01%
P/E ratio 2020 12,8x
P/E ratio 2021 9,18x
Capi. / Sales2020 1,90x
Capi. / Sales2021 1,86x
Capitalization 98 713 M
Chart HSBC HOLDINGS PLC
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HSBC Holdings plc Technical Analysis Chart | HSBA | GB0005405286 | MarketScreener
Technical analysis trends HSBC HOLDINGS PLC
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 6,67  $
Last Close Price 4,87  $
Spread / Highest target 111%
Spread / Average Target 36,9%
Spread / Lowest Target -12,6%
EPS Revisions
Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
May Lung Cha Independent Non-Executive Director
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