Cerberus-backed My Money Group completed the acquisition of HSBC's retail banking business in France.

Cerberus-backed My Money Group, an independent French banking group, completed the acquisition of a retail banking business in France from HSBC. Financial terms were not disclosed. “It is a unique opportunity to accelerate our expansion plans and to develop for our French customers differentiating wealth management solutions. My Money Group, with the backing of funds managed by Cerberus Capital Management, can support the growth of HBCE’s French retail network by applying our market knowledge and expertise in digital transformation. Together, we would build on CCF’s legacy and re-establish the brand as a leading franchise for wealth management customers in France,” Eric Shehadeh, My Money Group CEO.