HSBC has started selling its French consumer branch. The British bank has sent an overview of the division to potential buyers, insiders have informed Bloomberg news agency. The divestment of the French branch is part of a cost-saving program at HSBC.
Banks approached by HSBC include French counterparts La Banque Postale, Crédit Agricole, Crédit Mutuel, Milleis Banque and BNP Paribas. In addition, the British have thrown a ball at venture investors such as Apollo Global Management and Cerberus Capital Management.
The sale of the French branch of HSBC saves personnel costs for the British bank of between 4,000 and 8,000 employees.