Just this week, HSBC, one of the largest banks in the world sold off it’s once prized French subsidiary for one whole euro. Credit Commercial de France is a local French bank that specialized in commercial lending and high net worth banking.
The bank was originally purchased by HSBC for $3 BILLION dollars more than 20 years ago, but unfortunately during that time the larger company failed to invest anything into this operation and slowly but surely lost good customers, while in return gaining bad debts.
The retail banking division of the French bank was so laden with bad debts that Cerberus Private Equity Group would only pay a token amount to take on the now toxic business.
It’s likely that this purchase will only be used to gain access to the client pool still with the bank, who will be transferred over to Cerberus's other French bank the MyMoneyGroup.
Either way, make sure to keep learning how money works so that you never make an investment this bad…
#Shorts
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