HSBC Continental Europe

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This article is about the bank in the euro area. For the global HSBC Group, see HSBC. For other individual entities of the group, see HSBC Bank.
HSBC Continental Europe
Founded1894
Headquarters38 avenue Kléber, Paris, France
Key people
  • Jean Beunardeau (CEO)


ProductsFinancial services
Number of employees
11,700
Websitewww.hsbc.fr

HSBC Continental Europe, known until December 2020 as HSBC France SA, is a subsidiary of HSBC, headquartered in Paris.

It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[1][2]

History

When HSBC acquired

Credit du Nord - Dexia
, and insurer Groupama.

With the acquisition of CCF, HSBC acquired CCF's stake in Lombard Bank in Malta. At the time, HSBC already owned the largest bank in Malta. In 2002, HSBC sold its shares in Lombard Bank Malta to Swiss-based Banca Unione di Credito.

CCF also sold its 93.3 per cent stake in

Crédit Agricole Indosuez (75%) and the El Mansour and El Maghraby groups (25%). HSBC was already operating in Egypt through HSBC Bank Egypt
.

In 2002, CCF acquired 11 branches outside Paris from Banque Worms/Deutsche Bank.

HSBC S.A. was formed on 1 November 2005 when HSBC rebranded CCF, together with its subsidiaries UBP, Banque de Picardie and Banque Hervet. The bank later changed its name to HSBC France.

About half of the former networks of CCF - Union de Banques à Paris, Banque Hervet, Banque de Picardie and Banque de Baecque Beau - traded as HSBC as a result. This represented a 380 strong network of branches in France with a very strong presence in the Paris region.

Other group operations in France include a significant

government bonds and euro interest rate derivatives, arranging of corporate cash calls, disintermediated and structured finance and project finance
.

HSBC France had seven regional subsidiaries with 420 branches, but sold them to

Banque Populaire in 2008. These regional subsidiaries were Société Marseillaise de Crédit, Banque de Savoie, Banque Chaix, Banque Marze, Banque Dupuy, Banque de Parseval, Banque Pelletier and Crédit Commercial du Sud Ouest
.

On 1 December 2020, HSBC France rebranded to "HSBC Continental Europe" along with all HSBC European branches (Belgium, Spain, Greece, Ireland, Italy, Luxembourg, the Netherlands, Poland, Czechia and Sweden) with the exception of

HSBC Malta. The move was expected to create "a modernized universal banking model" and provide "a new momentum to its European operations". On the same day, HSBC relocated its Paris headquarters to 38, avenue Kléber.[3][4]

In March 2021 it was reported that HSBC was in talks to sell its French retail division to Cerberus Capital Management.[5][6] This sale was concluded in January 2024.[7]

Controversy

In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven French banks, including HSBC France, the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[8][9]

See also

References

  1. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  2. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  3. ^ "HSBC France is now HSBC Continental Europe" (Press release). HSBC France. 2020-12-01. Retrieved 2021-06-08.
  4. ^ "Enquête mondiale HSBC Navigator 2020" (PDF) (Press release) (in French). HSBC France. 2020-12-01. Retrieved 2021-06-08.
  5. ^ "HSBC in Final Talks to Sell French Retail Unit to Cerberus". finance.yahoo.com. 19 March 2021. Retrieved 2021-03-19.
  6. ISSN 0099-9660
    . Retrieved 2021-03-19.
  7. ^ "HSBC Wraps up Sale of France-Based Retail Banking Business". 2 January 2024.
  8. ^ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel [permanent dead link], Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20
  9. ^ Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20

External links

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