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HSBC (France)
Encyclopedia
HSBC France SA is a subsidiary of HSBC
, headquartered in the 8th arrondissement of Paris
.
It was formed on 1 November 2005 when HSBC
rebranded CCF S.A. (Crédit Commercial de France
), together with its subsidiaries UBP, Banque de Picardie and Banque Hervet. HSBC had acquired CCF in 2000; the bank changed its name to HSBC S.A. and then to HSBC France.
About half of the former networks of CCF
- Union de Banques à Paris, Banque Hervet, Banque de Picardie and Banque de Baecque Beau
- now trade as HSBC. This represents a 380 strong network of branches in France with a very strong presence in the Paris
region.
Other group operations in France include a significant HSBC Private Bank
presence, along with a major Corporate Institutional Banking and Markets operation. The Paris trading floor is the Group's second largest trading floor in Europe
. Specific areas of particular expertise and responsibility are the trading of government bonds and euro
interest rate derivative
s, arranging of corporate cash calls, disintermediated and structured finance
and project finance
.
HSBC France had seven regional subsidiaries with 420 branches, but sold them to Banque Populaire in 2008. These regional subsidiaries were Société Marseillaise de Crédit
, Banque de Savoie, Banque Chaix, Banque Marze, Banque Dupuy, Banque de Parseval, Banque Pelletier and Crédit Commercial du Sud Ouest.
for the first time. The acquisition enabled HSBC to establish itself in one of the main European markets and to build a strong platform in the euro zone. CCF continued to expand with the purchase of Banque Pelletier (2000) and Banque Hervet (2001). CCF won a bidding-war for Banque Hervet, which the French government was re-privatizing, when its bid of $480 million beat out bids from Paribas, Credit du Nord
- Dexia
, and insurer Groupama.
With the acquisition of CCF, HSBC acquired CCF's stake in Lombard Bank
in Malta
. At the time, HSBC already owned the largest bank in Malta. In 2002, HSBC sold its shares in Lombard Bank Malta to Swiss-based Banca Unione di Credito
.
CCF also sold its 93.3 per cent stake in Crédit International d’Egypte (CIE), an Egyptian commercial bank listed on the Cairo Stock Exchange, to Crédit Agricole Indosuez (75%) and the El Mansour and El Maghraby groups (25%). HSBC was already operating in Egypt through HSBC Bank Egypt
.
In 2002, CCF acquired 11 branches outside Paris
from Banque Worms/Deutsche Bank
.
, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, headquartered in the 8th arrondissement of Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
.
It was formed on 1 November 2005 when HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
rebranded CCF S.A. (Crédit Commercial de France
Crédit Commercial de France
Crédit Commercial de France was a commercial bank in France, headquartered in Paris, avenue des Champs-Élysées. It became a wholly owned subsidiary of HSBC in April 2000, and was renamed HSBC France on 1 November 2005....
), together with its subsidiaries UBP, Banque de Picardie and Banque Hervet. HSBC had acquired CCF in 2000; the bank changed its name to HSBC S.A. and then to HSBC France.
About half of the former networks of CCF
Crédit Commercial de France
Crédit Commercial de France was a commercial bank in France, headquartered in Paris, avenue des Champs-Élysées. It became a wholly owned subsidiary of HSBC in April 2000, and was renamed HSBC France on 1 November 2005....
- Union de Banques à Paris, Banque Hervet, Banque de Picardie and Banque de Baecque Beau
Banque de Baecque Beau
The Banque de Baecque Beau was a French bank that now is subsumed in HSBC France. In 1837, two traders, Camille Cailliez and Charles de Baecque established a partnership to engage in negotiating commissions on merchandise and in banking affairs. In 1846, the partners brought in Alexis Beau and...
- now trade as HSBC. This represents a 380 strong network of branches in France with a very strong presence in the Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
region.
Other group operations in France include a significant HSBC Private Bank
HSBC Private Bank
HSBC Private Bank is the principal private banking business of the HSBC Group. The HSBC Private Banking Group's holding company is HSBC Private Banking Holdings S.A....
presence, along with a major Corporate Institutional Banking and Markets operation. The Paris trading floor is the Group's second largest trading floor in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. Specific areas of particular expertise and responsibility are the trading of government bonds and euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
interest rate derivative
Interest rate derivative
An interest rate derivative is a derivative where the underlying asset is the right to pay or receive a notional amount of money at a given interest rate...
s, arranging of corporate cash calls, disintermediated and structured finance
Structured finance
Structured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid lawsStructured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid laws...
and project finance
Project finance
Project finance is the long term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of the project sponsors...
.
HSBC France had seven regional subsidiaries with 420 branches, but sold them to Banque Populaire in 2008. These regional subsidiaries were Société Marseillaise de Crédit
Société Marseillaise de Crédit
-History:The Société Marseillaise de Crédit was created in 1865 by Joseph Grandval, Victor Roux, Albert Rostand and Armand Bergasse. Its first president was Jean-Baptiste Pastré. In 1880, its headquarters was built in Marseille by Léon Verdier. Its first neighbourhood branch was opened in 1909...
, Banque de Savoie, Banque Chaix, Banque Marze, Banque Dupuy, Banque de Parseval, Banque Pelletier and Crédit Commercial du Sud Ouest.
CCF joins the HSBC Group
When HSBC acquired CCF, CCF was operating with 650 branches and assets of €69 billion. In April 2000, HSBC Holdings plc announced its intention to acquire the bank and completed the deal in July. That month, HSBC Holdings plc listed on the Paris Stock ExchangeEuronext
Euronext N.V. is a pan-European stock exchange based in Amsterdam and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services...
for the first time. The acquisition enabled HSBC to establish itself in one of the main European markets and to build a strong platform in the euro zone. CCF continued to expand with the purchase of Banque Pelletier (2000) and Banque Hervet (2001). CCF won a bidding-war for Banque Hervet, which the French government was re-privatizing, when its bid of $480 million beat out bids from Paribas, Credit du Nord
Crédit du Nord
Crédit du Nord is a French retail banking network.It consists of the followings banks:* Banque Courtois, Toulouse, Aquitaine * Banque Kolb, Alsace, Lorraine* Banque Laydernier, Savoy...
- Dexia
Dexia
Dexia N.V./S.A., also referred to as the Dexia Group, is a Belgian-French financial institution active in public finance, providing retail and commercial banking services to individuals and SMEs, asset management, and insurance...
, and insurer Groupama.
With the acquisition of CCF, HSBC acquired CCF's stake in Lombard Bank
Lombard Bank
Lombard Bank Malta Plc is one of Malta's major banks, together with Bank of Valletta, HSBC Bank Malta and APS Bank. Today, Marfin Popular Bank of Cyprus is the largest shareholder with an equity stake of about 49%. Over 1,200 shareholders, including investment funds, hold the remaining shares...
in Malta
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
. At the time, HSBC already owned the largest bank in Malta. In 2002, HSBC sold its shares in Lombard Bank Malta to Swiss-based Banca Unione di Credito
Banca Unione di Credito
Banca Unione di Credito is a full service bank based in Lugano, Switzerland, that specialises in private banking.-History:*1919 - Credito Italiano established Banca Unione di Credito in Switzerland....
.
CCF also sold its 93.3 per cent stake in Crédit International d’Egypte (CIE), an Egyptian commercial bank listed on the Cairo Stock Exchange, to Crédit Agricole Indosuez (75%) and the El Mansour and El Maghraby groups (25%). HSBC was already operating in Egypt through HSBC Bank Egypt
HSBC Bank Egypt
HSBC Bank Egypt SAE is a multinational bank in Egypt, providing a wide range of banking and related financial services through a network of 100 branches and 20 mini bank units in Cairo, Alexandria, Sharm El Sheikh, Hurghada, Borg El Arab and 6th of October City.-History:HSBC Bank Egypt was...
.
In 2002, CCF acquired 11 branches outside Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
from Banque Worms/Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
.
Check Fee Collusion
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven French banks, including , the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processingFrench check processing fee controversy of 2010
In 2010 the French government's Autorité de la concurrence fined eleven banks €384,900,000 for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer...
, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.
See also
- HSBC Holdings plc
- HSBC Bank plcHSBC Bank (Europe)HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and...