Sign In
Subscribe

HSBC Continental Europe Enters Into a Memorandum of Understanding Regarding Potential Sale of HSBC Assurances Vie (France) to Matmut Société d’Assurance Mutuelle

PARIS–(BUSINESS WIRE)-: HSBC Continental Europe has signed a Memorandum of Understanding (‘MOU‘) regarding the potential sale of its French life insurance business, HSBC Assurances Vie (France), to Matmut Société d’Assurance Mutuelle (‘Matmut’) (the “Potential Transaction”).

HSBC Assurances Vie (France) provides a wide range of life insurance solutions and services, with over 20 billion euros of outstanding assets, net income1 of 77 million euros and a Solvency II ratio of 287% in 2023. As part of the Potential Transaction, HSBC Continental Europe and Matmut would enter into a long-term arrangement for HSBC Global Asset Management (France) to continue to partner with HSBC Assurances Vie (France). HSBC Assurances Vie (France) will continue its existing distribution arrangements.

The Potential Transaction would provide customers and employees of HSBC Insurance Life (France) with the opportunity to join one of the leading French mutual insurance groups, which is in full development, and forms part of the simplification of the Group announced by Group Chief Executive, Georges Elhedery, on 22 October 2024. HSBC is focusing on developing its position in areas where it has the best growth opportunities.

Under the financial terms of the Potential Transaction, Matmut would acquire HSBC Assurances Vie (France) for cash consideration of 925 million euros. This is estimated to generate a pre-tax loss of approximately 0.1 billion euros for HSBC Continental Europe.

The MOU includes details of the parties’ information and consultation processes with their respective employees’ works councils, which will commence shortly. If, following the finalisation of these processes, the parties decide to proceed with the sale, they would enter into a binding sale and purchase agreement. Completion of the Potential Transaction would be subject to relevant regulatory and competition approvals and is expected to occur in the second half of 2025.

About HSBC Continental Europe

Headquartered in Paris, HSBC Continental Europe is an indirect subsidiary of HSBC Holdings plc. HSBC Continental Europe principally comprises, in addition to its banking, insurance and asset management activities based in France, the business activities of 10 European branches outside France (in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain and Sweden) and the business activities of banking subsidiaries in Luxembourg and Malta. HSBC Continental Europe’s mission is to serve both customers based in Continental Europe for their needs worldwide and customers based in other locations for their needs in Continental Europe.

About HSBC Assurances Vie (France)

HSBC Assurances Vie (France) is a French insurance company which is wholly-owned by HSBC Continental Europe. Experts in wealth management since 1986, HSBC Assurances Vie (France) offers a wide range of life insurance solutions and services designed to meet the needs of individuals, professionals and businesses in terms of life insurance, pensions, credit protection insurance and personal protection.

About HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.

About Matmut Group

With 4.5 million members and 8.3 million insurance contracts managed, Matmut Group is a major player in the French insurance market. It offers to all – individuals, professionals, businesses, associations – a complete range of personal and property insurance products (car, motorcycle, boat, housing, responsibilities, family protection, health, providence, legal protection and assistance) and financial and savings services (car credits, project, loan insurance, savings booklet, life insurance, retirement savings plan..). Matmut Group currently has 6,800 employees. Matmut Group achieved a revenue of €2.9 billion in 2023.

Top Stories

Related Articles

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, Coeus Intelligence will share the Data with our associate companies (including event and content sponsors) to promote their products and services. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

            COVID-19
            Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

            Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

            The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

            Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

            Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

            Request Nomination Pack

            Error: Contact form not found.