The operation will see HSBC France’s nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF, a brand that HSBC shelved when it began operations in France some two decades ago.

The move is part of London-headquarters HSBC’s efforts to simplify and refocus operations on its major region of Asia.

When announcing the planned sale in June 2021, HSBC said the transfer for a nominal one euro would see it incur a hefty charge.

But the rise in global interest rates complicated negotiations, with HSBC finally booking a charge of $2.4 billion against third quarter 2022 over the French unit.

The terms of the final deal were not disclosed.

In a statement released Monday the groups said CCF would seek to cater to professionals.

My Money Group traces its history in France back more than a century, originally helping people finance their purchases of Citroen cars, then spending two decades under General Electric’s control before the US conglomerate pulled out of finance activities. Cerberus acquired the group in 2018.