HSBC eyes sell­ing re­tail bank busi­ness in France: Sorces

Muscat Daily - - BUSINESS -

HSBC bank is look­ing to sell part or all of its re­tail bank­ing busi­ness in France, which em­ploys thou­sands of peo­ple, sources close to the ne­go­ti­a­tions said on Mon­day.

A source con­firmed de­tails re­ported in French fi­nan­cial news­pa­per Les Echos that dis­cus­sions will start with French and for­eign banks who have shown in­ter­est in the deal.

HSBC has more than 8,500 em­ploy­ees in France, many of whom work in the re­tail busi­ness.

The Lon­don-based, Asi­afo­cused be­he­moth has been try­ing to lower costs as it faces un­cer­tain­ties caused by the grind­ing US-China trade war and Bri­tain’s im­pend­ing de­par­ture from the Euro­pean Union. HSBC did not con­firm the re­port.

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