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{{about|the bank in the euro area|the global HSBC Group|HSBC|other individual entities of the group|HSBC Bank}}
{{Infobox company
{{Infobox company
| name = HSBC France
| name = HSBC Continental Europe
| logo = HSBC_logo_(2018).svg
| logo = HSBC_logo_(2018).svg
| type = Subsidiary of [[HSBC Holdings plc]]
| image = File:Paris Kleber HSBC.jpg
| type = [[Subsidiary]]
| foundation = 1894
| foundation = 1894
| location = [[Paris]], [[France]]
| location = 38 avenue Kléber, [[Paris]], [[France]]
| key_people = {{plainlist |
| key_people = {{plainlist |
* Jean Beunardeau (CEO)
* Jean Beunardeau (CEO)


}}
}}
| num_employees = 11,700
| num_employees = 11,700
| industry = [[Finance and Insurance]]
| parent = [[HSBC]]
| products = [[Financial services]]
| industry = [[Finance and Insurance]]
| products = [[Financial services]]
| homepage = {{URL|http://www.hsbc.fr/}}
| homepage = {{URL|http://www.hsbc.fr/}}
| revenue =
| revenue =
}}
}}
'''HSBC France SA''' is a subsidiary of [[HSBC]], headquartered in the [[8th arrondissement of Paris]].<ref>"[http://www.hsbc.com/1/2/contact-us Contact us]." [[HSBC]]. Retrieved on 12 September 2011. "HSBC FranceHSBC FRance - Paris Address: 103 avenue des Champs-Elysees 75419 PARIS cedex 08"</ref>


'''HSBC Continental Europe''', known until December 2020 as '''HSBC France SA''', is a subsidiary of [[HSBC]], headquartered in [[Paris]].
⚫
== History ==


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]].<ref>{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}</ref><ref>{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref>
⚫
It was formed on 1 November 2005 when [[HSBC]] rebranded CCF S.A. ([[Crédit Commercial de France]]), together with its subsidiaries UBP, Banque de Picardie and Banque Hervet. HSBC had acquired CCF in 2000; the bank changed its name to HSBC S.A. and then to HSBC France.


⚫
==History==
⚫
About half of the former networks of [[Crédit Commercial de France|CCF]] - [[Union de Banques à Paris]], [[Banque Hervet]], [[Banque de Picardie]] and [[Banque de Baecque Beau]] - now trade as HSBC. This represents a 380 strong network of branches in France with a very strong presence in the [[Paris]] region.


⚫
When HSBC acquired [[Crédit Commercial de France]] (CCF) in 2000, CCF was operating with 650 [[branches]] and [[assets]] of €69 billion. In April 2000, [[HSBC]] announced its intention to acquire the bank and completed the deal in July. That month, HSBC Holdings listed on the [[Euronext|Paris Stock Exchange]] for the first time. The acquisition enabled HSBC to establish itself in one of the main European markets and to build a strong platform in the [[euro zone]]. CCF continued to expand with the purchase of [[Banque Pelletier]] (2000) and [[Banque Hervet]] (2001). CCF won a bidding-war for Banque Hervet, which the French government was re-privatizing, when its bid of $480 million beat out bids from [[Paribas]], [[Credit du Nord]] - [[Dexia]], and insurer Groupama.{{cn|date=August 2024}}
⚫
Other group operations in France include a significant [[HSBC Private Bank]] presence, along with a major Corporate Institutional Banking and Markets operation. The Paris [[trading floor]] is the Group's second largest trading floor in [[Europe]]. Specific areas of particular expertise and responsibility are the trading of [[government bonds]] and [[euro]] [[interest rate derivative]]s, arranging of corporate cash calls, [[structured finance|disintermediated and structured finance]] and [[project finance]].


⚫
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]].
⚫
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]].


⚫
CCF also sold its 93.3 per cent stake in [[Crédit International d’Egypte]] (CIE), an Egyptian commercial bank listed on the Cairo Stock Exchange, to [[Crédit Agricole Indosuez]] (75%) and the El Mansour and El Maghraby groups (25%). HSBC was already operating in Egypt through [[HSBC Bank Egypt]].
⚫
In March 2021 it was reported that HSBC France was in talks to sell it's retail division to [[Cerberus Capital Management]].<ref>{{Cite web|title=HSBC in Final Talks to Sell French Retail Unit to Cerberus|url=https://finance.yahoo.com/news/hsbc-final-talks-sell-french-120212565.html|access-date=2021-03-19|website=finance.yahoo.com|language=en-US}}</ref><ref>{{Cite news|last=Clark|first=Simon|date=2021-03-17|title=HSBC in Talks to Sell French Retail Bank to Cerberus|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/hsbc-in-talks-to-sell-french-retail-bank-to-cerberus-11615999984|access-date=2021-03-19|issn=0099-9660}}</ref>


⚫
In 2002, CCF acquired 11 branches outside [[Paris]] from [[Banque Worms]]/[[Deutsche Bank]].
[[File:France-Paris-ChampsElysees 1.JPG|thumb|HSBC HQ in Paris 8th arr.]]


⚫
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.
==CCF joins the HSBC Group==
⚫
When HSBC acquired CCF, CCF was operating with 650 [[branches]] and [[assets]] of €69 billion. In April 2000, [[HSBC Holdings plc]] announced its intention to acquire the bank and completed the deal in July. That month, HSBC Holdings plc listed on the [[Euronext|Paris Stock Exchange]] for the first time. The acquisition enabled HSBC to establish itself in one of the main European markets and to build a strong platform in the [[euro zone]]. CCF continued to expand with the purchase of [[Banque Pelletier]] (2000) and [[Banque Hervet]] (2001). CCF won a bidding-war for Banque Hervet, which the French government was re-privatizing, when its bid of $480 million beat out bids from [[Paribas]], [[Credit du Nord]] - [[Dexia]], and insurer Groupama.


⚫
About half of the former networks of [[Crédit Commercial de France|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.
⚫
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]].


⚫
Other group operations in France include a significant [[HSBC Private Bank]] presence, along with a major Corporate Institutional Banking and Markets operation. The Paris [[trading floor]] is the Group's second-largest trading floor in [[Europe]]. Specific areas of particular expertise and responsibility are the trading of [[government bonds]] and [[euro]] [[interest rate derivative]]s, arranging of corporate cash calls, [[structured finance|disintermediated and structured finance]] and [[project finance]].
⚫
CCF also sold its 93.3 per cent stake in [[Crédit International d’Egypte]] (CIE), an Egyptian commercial bank listed on the Cairo Stock Exchange, to [[Crédit Agricole Indosuez]] (75%) and the El Mansour and El Maghraby groups (25%). HSBC was already operating in Egypt through [[HSBC Bank Egypt]].


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

On {{date|2020/12/01}}, 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.<ref>{{Cite press release|url=https://www.hsbc.fr/en-fr/a-vos-cotes/hsbc-france-devient-hsbc-continental-europe/|title= HSBC France is now HSBC Continental Europe|publisher=HSBC France|date=2020-12-01|accessdate=2021-06-08|language=en}}</ref><ref>{{Cite press release|url=https://www.about.hsbc.fr/-/media/france/fr/news-and-media/201201-communiqu-de-presse-tude-navigator-hsbc-01112020.pdf|title=Enquête mondiale HSBC Navigator 2020|publisher=HSBC France|date=2020-12-01|accessdate=2021-06-08|language=fr-fr}}</ref>

⚫
In March 2021 it was reported that HSBC was in talks to sell its French retail division to [[Cerberus Capital Management]].<ref>{{Cite web|title=HSBC in Final Talks to Sell French Retail Unit to Cerberus|url=https://finance.yahoo.com/news/hsbc-final-talks-sell-french-120212565.html|access-date=2021-03-19|website=finance.yahoo.com|date=19 March 2021 |language=en-US}}</ref><ref>{{Cite news|last=Clark|first=Simon|date=2021-03-17|title=HSBC in Talks to Sell French Retail Bank to Cerberus|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/hsbc-in-talks-to-sell-french-retail-bank-to-cerberus-11615999984|access-date=2021-03-19|issn=0099-9660}}</ref> This sale was concluded in January 2024.<ref>{{cite web | url=https://finance.yahoo.com/news/hsbc-wraps-sale-france-based-134900929.html | title=HSBC Wraps up Sale of France-Based Retail Banking Business | date=2 January 2024 }}</ref>

==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 [[French check processing fee controversy of 2010|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.<ref name="wsjber">[https://www.wsj.com/article/BT-CO-20100920-709855.html 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel ]{{Dead link|date=December 2022 |bot=InternetArchiveBot |fix-attempted=yes }}, Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20</ref><ref name="autocon">[http://www.autoritedelaconcurrence.fr/user/standard.php?id_rub=368&id_article=1472 Collusion in the banking sector], Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20</ref>
==Check Fee Collusion==
⚫
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 [[French check processing fee controversy of 2010|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.<ref name="wsjber">[https://www.wsj.com/article/BT-CO-20100920-709855.html 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel ], Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20</ref><ref name="autocon">[http://www.autoritedelaconcurrence.fr/user/standard.php?id_rub=368&id_article=1472 Collusion in the banking sector], Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20</ref>


==See also==
==See also==
{{Portal|France|Banks|Companies}}
{{Portal|France|Banks|Companies}}
*[[HSBC Holdings plc]]
* [[HSBC (United Kingdom)]]
*[[HSBC Bank (Europe)|HSBC Bank plc]]


== References ==
== References ==
Line 60: Line 65:


{{DEFAULTSORT:Hsbc France}}
{{DEFAULTSORT:Hsbc France}}
[[Category:Banks of France]]
[[Category:Banks based in Paris]]
[[Category:HSBC subsidiaries|France]]
[[Category:HSBC subsidiaries|France]]
[[Category:Banks under direct supervision of the European Central Bank]]
[[Category:Banks under direct supervision of the European Central Bank]]
[[Category:2000 mergers and acquisitions]]

Latest revision as of 05:39, 27 August 2024

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
Company typeSubsidiary
IndustryFinance and Insurance
Founded1894
Headquarters38 avenue Kléber, Paris, France
Key people
  • Jean Beunardeau (CEO)


ProductsFinancial services
Number of employees
11,700
ParentHSBC
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

[edit]

When HSBC acquired Crédit Commercial de France (CCF) in 2000, CCF was operating with 650 branches and assets of €69 billion. In April 2000, HSBC announced its intention to acquire the bank and completed the deal in July. That month, HSBC Holdings listed on the Paris Stock Exchange for the first time. The acquisition enabled HSBC to establish itself in one of the main European markets and to build a strong platform in the euro zone. CCF continued to expand with the purchase of Banque Pelletier (2000) and Banque Hervet (2001). CCF won a bidding-war for Banque Hervet, which the French government was re-privatizing, when its bid of $480 million beat out bids from Paribas, Credit du Nord - Dexia, and insurer Groupama.[citation needed]

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 International d’Egypte (CIE), an Egyptian commercial bank listed on the Cairo Stock Exchange, to 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 HSBC Private Bank presence, along with a major Corporate Institutional Banking and Markets operation. The Paris trading floor is the Group's second-largest trading floor in Europe. Specific areas of particular expertise and responsibility are the trading of 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

[edit]

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

[edit]

References

[edit]
  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. ^ Clark, Simon (2021-03-17). "HSBC in Talks to Sell French Retail Bank to Cerberus". Wall Street Journal. 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
[edit]
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