US buyout firm Cerberus Capital Management has engaged Goldman Sachs to arrange the disposal of its French retail banking arm, Groupe CCF, Reuters reported citing sources.
A structured auction for the lender is slated to commence in the coming weeks, the report said.
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Addressing inquiries on the matter, an institution representative stated: “CCF does not comment on rumours. The bank remains fully focused on pursuing the commercial momentum it has built.”
Cerberus and Goldman Sachs declined to give statements.
Initial indications of buyer interest surfaced earlier this spring.
French publication Le Figaro reported in April that financial intermediaries had initiated exploratory outreach with prospective purchasers, though no formal competitive tender had been initiated.
The lender contested that account, maintaining that its focus remained committed to an enduring programme aimed at establishing a specialised wealth management operation.
Cerberus first established its footprint in the French financial system in 2016 through the purchase agreement for GE Money Bank France.
Following completion in March 2017, the private equity sponsor rechristened the platform My Money Bank.
The firm subsequently augmented its retail footprint in 2021 by agreeing to acquire HSBC’s French consumer franchise, comprising 244 operating branches and roughly 3,900 personnel for a nominal figure of €1 ($1.1).
That transaction completed in January 2024, prompting My Money Group to rebrand as Groupe CCF, thereby resurrecting the century-old Credit Commercial de France brand formerly owned by HSBC.
CCF has operated under the leadership of chief executive Niccolo Ubertalli since 2023. The former senior UniCredit executive parted ways with the Italian banking group in 2022 amid a rift with chief executive Andrea Orcel.
