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    HSBA   GB0005405286


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HSBC to announce sale of French retail banking operations on Friday - sources

06/17/2021 | 12:49pm EDT
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

By Gwénaëlle Barzic

PARIS (Reuters) - HSBC is set to announce the sale of its retail banking operations in France to private equity group Cerberus on Friday, three sources familiar with the matter said, after struggling to offload a business that will need restructuring.

The bank had entered final negotiations with Cerberus several months ago, as part of its efforts to slash costs across the group.

A spokesperson for HSBC confirmed that a meeting was scheduled with labour unions on Friday to discuss retail banking operations, but declined to comment further. Cerberus declined to comment.

Two of the sources said HSBC was also due to hold a board meeting related to the deal on Friday.

Bidders who had circled the business had wanted it to be fully recapitalised and for HSBC to put money into it, sources had previously told Reuters.

HSBC is expected to put around 1 billion euros ($1.2 billion) into the business as part of the deal with Cerberus, according to a fourth source close to the matter, echoing reports in French media of an injection of up to 1.5 billion euros.

HSBC's French retail business has 230 branches and employs some 3,900 staff. Lazard is advising on the sale.

($1 = 0.8409 euros)

(Reporting by Gwenaelle Barzic; Additional reporting by Lawrence White in London; Writing by Sarah White; Editing by Pravin Char)

© Reuters 2021
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Financials (USD)
Sales 2021 50 375 M - -
Net income 2021 9 155 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,5x
Yield 2021 4,22%
Capitalization 113 B 113 B -
Capi. / Sales 2021 2,24x
Capi. / Sales 2022 2,17x
Nbr of Employees 224 652
Free-Float 98,2%
Duration : Period :
HSBC Holdings plc Technical Analysis Chart | HSBA | GB0005405286 | MarketScreener
Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 24
Last Close Price 5,52 $
Average target price 6,66 $
Spread / Average Target 20,7%
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Managers and Directors
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Ewen James Stevenson Chief Financial Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
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