HSBC may sell around 350 branches in France: report
12 Feb 2008
Mumbai: HSBC Holdings, Britain's biggest bank, proposes to sell all or part of its French retail banking business as part of an ongoing review of operations, reports said.
HSBC is expected to sell around 350 retail banking branches in France even as the bank shifts focus to emerging markets.
HSBC has around 800 consumer branches in France and the sale is estimated to be worth about $4 billion, reports citing sources said
The UK-based bank has appointed Goldman Sachs to advise it on options for its French retail operations, which it acquired as part of its €11 billion ($16 billion) acquisition of Credit Commercial de France in 2000.
HSBC had since renamed it HSBC France.
HSBC's is planning a broader shift from developed markets with more exposure to subprime loans to faster-growing emerging markets, reports said.
One report said the bank had appointed Goldman Sachs to advise on the deal.
Analysts have forecast HSBC's 2007 pre-tax profit at around £12.3 billion, up from £11.34 billion in 2006.