News of the sale first broke in May 2021, with HSBC reportedly having paid more than €1 billion for New York-based private equity firm Cerberus Capital Management to take its loss-making French branches off its hands.
As of 1 January 2024, the transaction stands completed, with both parties receiving all the required regulatory approvals. Following the deal, My Money Group has renamed itself to CCF Group and claims it will have total assets of more than €30 billion, along with a “substantial” liquidity position of €10 billion in cash.
