HSBC Bank to sell French retail branches

It’s the turn of HSBC bank to wind up its branches in France. This is another bank in France which is closing down its 400 retail branches, in sequel to the closing of BNP Paribas Hedge Funds and the recent outcome of a scam at SocGen bank.

The deal is estimated to be worth around 2 billion pounds ($3.90 billion) for it’s 400 retail branches. Goldman Sachs will be the advisor for this sell off.
HSBC had initially purchased the retails business some 8 years ago.

The reasoning given by HSBC bank for its massive selloff of 400-500 retail branches is that “They want to focus on Emerging markets”. Whatever may be the reasons cited by the bank, the fact is that ings are not going well globally – US, UK and even Europe big countries.

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