It has offices in Paris, an operational center of excellence in Nantes, and franchises in Martinique, Guadeloupe, French Guyana (Somafi-Soguafi, Banque des Caraïbes) and Reunion Island (Sorefi).

My Money Group operates in mainland France and in the French Overseas Territories. The bank provides its clients superior customer service and financial solutions. My Money Group is an independent French banking group focused on consumer finance (including remortgages, personal loans, car financing and commercial real estate) as well as specialized lending to commercial clients. And working together with a leading bank to harness the benefit of their technology platform to drive forward this transformationĬustomers of the new CCF, an independent French bank, will enjoy the benefit of local support and personalized services, as well as access to a revitalized, bespoke range of products.Make significant investments in overhauling the IT architecture and optimizing internal processes.Pursuing collaborative ventures with external partners highly reputed in specialized areas.Developing bespoke new wealth management products that fit the needs of French customers like a glove.Raising the standard of customer service.My Money Group intends to support a structural transformation of HBCE’s French retail banking network by: In addition to these competitive advantages, My Money Group will bring an innovative range of solutions, with a view to making the bank a highly agile and cutting-edge contender by harnessing its digital transformation expertise and investing heavily in innovation and digital systems.Ī deal that will create value for all stakeholders The new CCF will aim to perpetuate its brand’s reputation for excellence underpinned by its well-known retail banking and wealth management expertise. Its positioning in the French market will be highly distinctive. The new entity operating under the CCF name, an iconic brand still firmly entrenched in people’s minds across France, will be a manageably sized wealth management bank that boasts a large bespoke product portfolio and an even greater ability to pursue innovation. Thanks to this acquisition and subject to regulatory approval, My Money Group will have at its disposal as of 2023 a strong network of around 800,000 customers, 244 branches and 3,900 employees, with close to €24 billion in assets under management, a €21 billion customer loan book and €19 billion in deposits. The goal is to re-establish a French bank of a manageable size equipped with the latest technology that can build close relationships, respond rapidly to requests, make decisions at the appropriate level and really get to know customers, just as CCF did in the past.”Īn iconic brand for a manageably sized wealth management bank with a distinctive positioning in the French market Under the deal, My Money Group will restore the iconic CCF brand, which has kept intact its prestigious reputation among the French general public. The transaction is subject to regulatory approvals and is expected to close in 2023.Įric Shehadeh, Chairman and Chief Executive Officer of My Money Group, commented: “We are delighted to announce today we have reached agreement with HBCE and the acquisition of its retail banking network in France is set to go ahead.

This agreement follows on from the memorandum of understanding providing for HBCE and My Money Group to inform and consult their respective employee representative bodies concerning the deal. Paris, 25 November 2021 - My Money Group, a leading independent French banking group, is today announcing it has reached agreement on a binding deal with HSBC Continental Europe (HBCE) to buy its retail banking network in France.

Combination aims to re-establish and build on the Crédit Commercial de France (CCF) brand, well known for the excellency of its retail banking expertise and wealth management solutions.

Under this agreement, My Money Group is acquiring a banking network of 244 bricks-and-mortar branches and 3,900 employees serving approximately 800,000 customers in France.

My Money Group announces agreement to acquire HBCE’s retail banking network in France, due to be effective 2023

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