HSBC Holdings PLC (NYSE:HSBC) said it has completed the sale of its retail banking business in France to Crédit Commercial de France (CCF), a subsidiary of My Money Group.

All necessary regulatory approvals were obtained, and the transaction was completed on January 1, 2024, the company said in a statement.

“I am delighted with this positive start to 2024 – our team in Europe will continue with the aim of becoming the leading international wholesale bank in Europe, complemented by a targeted Wealth and Private Banking business,” Noel Quinn, Group CEO, said.

My Money Group, supported by Cerberus, announced its projection to exceed 30 billion euros ($33.11 billion) in total assets and secure a solvency position boasting a CET1 ratio surpassing 15% by close, a Reuters report added.

In June of the preceding year, HSBC introduced revised negotiation terms following a pause in the transaction due to concerns related to regulatory capital.

The proposed deal, initially announced by HSBC in June 2021 at a nominal price of one euro, underwent adjustments in response to regulatory considerations, it added.

Read Next: “Keep More Of Canada’s Financial Sector Under Canadian Ownership” – Royal Bank Of Canada Cleared To Acquire HSBC’s Domestic Arm

Price Action: HSBC shares are trading lower by 1.11% to $40.08 premarket on the last check Tuesday.

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