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HSBC Kicks Off Sale Process for French Retail Business

  • Lender is reaching out to about a dozen potential buyers
  • Sale is part of a wider streamlining program across the group
High Street Banks as U.K. Heads to the Polls Again
Photographer: Hollie Adams/Bloomberg

HSBC Holdings Plc has kicked off the sale of its French retail operations, part of a push by interim Chief Executive Officer Noel Quinn to cut costs at Europe’s largest lender by assets, people with knowledge of the matter said.

The bank has sent out an overview of the business to potential buyers, the people said, asking not to be identified as the information is private. HSBC is gauging interest from possible suitors including rival French lenders La Banque Postale SA, Credit Agricole SA, Credit Mutuel, Milleis Banque SA and BNP Paribas SA, the people said.