BNP Paribas, BPCE, and Matmut are reportedly contemplating bids for HSBC's French life insurance business. Speculative bids are expected by the end of October. This asset might also draw interest from Credit Mutuel Arkea, Groupama, and investment firms like Cerberus Capital Management, which have stakes in the industry.
HSBC has been considering divesting its French life insurance division, potentially valuing the deal at over 500 million euros (about $542 million). This move aligns with HSBC's strategy to streamline operations and focus more on the Asian market. Previously, HSBC sold its French retail banking arm to My Money Group, owned by Cerberus, a deal initially announced in 2021 and finalized last year after some adjustments.
Last month, HSBC agreed to sell its South African branch to FirstRand and its German private banking business to BNP Paribas. Discussions about the French life insurance sale are ongoing, and no final decisions have been made. Representatives from BPCE, BNP Paribas, Cerberus, Credit Mutuel Arkea, HSBC, and Matmut declined to comment, while Groupama did not respond to requests for comments.
