CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Cerberus working with Goldman on possible sale of French bank CCF, sources

By Reuters News

By Amy-Jo Crowley and Valentina Za

LONDON, Nov 2 (Reuters) - Cerberus Capital Management is working with Goldman Sachs on the potential sale of its Groupe CCF French banking business, two people with knowledge of the matter told Reuters, with a process expected to formally start within weeks.

The possible sale of CCF by Cerberus coincides with concerns over French finances and a looming general election which have taken their toll on the country's government bonds, with 10-year yields hitting their highest level since the early 2000s.

"CCF does not comment on rumours. The bank remains fully focused on pursuing the commercial momentum it has built," a representative for the French bank told Reuters.

Representatives for both Cerberus and Goldman Sachs declined to comment.

French banks have a modest exposure to the country's government debt and investors have mainly highlighted higher funding costs for the sector as a fallout of the bond selloff.

French newspaper Le Figaro reported in April that investment bankers had begun contacting potential buyers to gauge interest in CCF, but a formal sale process had not been launched.

CCF dismissed that report, saying it was pursuing a long-term strategy to build a bank focused on wealth management.

Cerberus began building a banking operation in France in 2016 when it agreed to buy GE Money Bank France. The US investment firm then renamed its French banking operations My Money Bank in March 2017 when it completed the deal.

In 2021, Cerberus moved to expand its presence by agreeing to buy HSBC's HSBA.L French retail bank, comprising 244 branches and around 3,900 staff, for a token price of €1.

The deal, completed in January 2024, led to My Money Group being renamed Groupe CCF, in a revival of the 100-year-old Credit Commercial de France brand previously owned by HSBC.

CCF says it has €31 billion of assets, including about two thirds in loans, and net banking income of €806 million.

Since 2023, CCF has been led by Niccolo Ubertalli, a former top executive at UniCredit CRDI.MI who left Italy's second-biggest bank in 2022 after falling out with CEO Andrea Orcel.

($1 = 0.8948 euros)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.