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CERBERUS / HBCE (FRENCH RETAIL BANKING)

M.10595

CERBERUS / HBCE (FRENCH RETAIL BANKING)
February 22, 2022
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Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

1.1. The notified transaction relates to the indirect acquisition of sole control by Cerberus Capital Management L.P. over HSBC Continental Europe (HBCE)’s French retail banking business (including without limitation associated insurance and asset management distribution activities carried out by HBCE’s French retail banking business) (HBCE’s French Retail Banking Business), through Banque des Caraïbes, by way of a transfer of assets by HBCE to Banque des Caraïbes.

2. The undertakings concerned by the concentration are:

• Cerberus Capital Management L.P., whose registered office is located at 875 Third Avenue, New York, NY 10022, USA, is a long-term investment company in all sort of securities and assets across, including but not limited to, complementary credit, private equity, real estate platforms and middle market lending. Cerberus ultimately controls Promontoria MMB SAS which operates as the sole parent company of My Money Group.

• My Money Group provides individual and professional customers in mainland France and French overseas territories with specialised financing solutions, retail financing solutions and real estate lending, through two distinct franchises.

• My Money Group’s subsidiary Banque des Caraïbes (the acquiring company) is a retail bank offering a complete range of banking services to nearly 20,000 individuals and very small businesses.

• In France, HBCE’s French Retail Banking Business serves the financial needs of more than 807,000 customers, including approximately 749,000 active customers, through its retail banking and wealth management activities. HBCE’s French Retail Banking Business offers to its retail customers: banking and financial services to enable them to manage their day-to-day finances and save for their future; solutions to help them with their short and long terms financing needs; insurance solutions; financial, insurance and investment advice and asset management services to assist them in managing

1 As HBCE’s French Retail Banking Business’ scope is limited to retail banking, HBCE’s French Retail Banking Business does not finance clients other than individuals or very small enterprises, subject to limited technical exceptions.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

and protecting their financial assets. HBCE has its registered office located at 38 avenue Kléber, 75116 Paris, France.

3. The transaction constitutes a concentration within the meaning of Article 3(1)(b) of Regulation (EC) No 139/2004.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

EUC

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