HSBC has reportedly started final negotiations to divest its French retail banking unit to private equity firm Cerberus.
The divestment will proceed once the parties agree on the price and other terms, a source familiar with the matter told Reuters.
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Even the parties are in advanced talks, this may not necessarily result in a sale, the news agency further added quoting the source.
A HSBC spokeswoman refused to comment on the matter.
The report comes as the banking major is working to reduce costs across the group.
Last month it was reported that HSBC will shut down retail banking operations in the US to focus on Asia.
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By GlobalDataIn a separate development, HSBC has decided to temporarily close its main office in Hong Kong after three people tested positive for Covid-19.
The building will remain closed till further notice.
In a memo, HSBC said: “It is our understanding that HMB can return to normal business when virus testing of colleagues and deep cleaning of the facility are complete/
“The exact timing is yet to be confirmed.”
According to Bloomberg, the bank has around 30,000 employees in Hong Kong. It was immediately not clear how many workers will be impacted by the closure.
Recently, Hong Kong witnessed a surge in Covid-19 infections after a disease cluster was identified in a gym popular among expatriates.
