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HSBC plans sale of French retail banking business - WSJ

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By Reuters
HSBC plans sale of French retail banking business - WSJ
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid   -   Copyright  BRENDAN MCDERMID(Reuters)

(Reuters) – HSBC <HSBA.L> is planning to exit its French retail banking business under interim chief executive Noel Quinn, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The likeliest buyer for the unit would be a French bank looking to add market share, the WSJ reported, adding that the likely price for the business was not clear.

British bank HSBC would continue to offer wholesale banking operations in France, the WSJ added.

A spokeswoman for HSBC in Paris declined to comment, when asked by Reuters for the bank’s response to the WSJ report.

(Reporting by Shanima A in Bengaluru; Editing by Alexander Smith)