My Money Group Signs Memorandum of Understanding in Acquisition of HSBC Continental Europe’s Retail Banking in France

Cleary Gottlieb is advising My Money Group and its controlling shareholder, funds advised by Cerberus Capital Management, in its signing of a memorandum of understanding in view of the proposed acquisition of HSBC Continental Europe’s retail banking in France.

One of the most significant events in the French banking market in recent years, the proposed transaction would create a premier, independent French bank with a broad portfolio of high-quality offerings for customers. Following the acquisition, My Money Group would acquire a network of approximately 800,000 customers, 244 retail branches, and approximately 3,900 skilled employees, with assets of approximately €24 billion, approximately €21 billion in customer loans, and €19 billion in retail deposits.