News

My Money Group announces agreement to acquire HBCE’s retail banking network in France, due to be effective 2023

•    Under this agreement, My Money Group is acquiring a banking network of 244 bricks-and-mortar branches and 3,900 employees serving approximately 800,000 customers in France

•    Combination aims to re-establish and build on the Crédit Commercial de France (CCF) brand, well known for the excellency of its retail banking expertise and wealth management solutions 

Governance: My Money Group bolsters its Board of Directors in view of its planned acquisition of HBCE retail banking activities in France

• Promontoria MMB Board of Directors, chaired by Chad Leat, rises to eight members with added skillset in the light of its planned acquisition of retail bank HBCE France, the goal of which is to boost the HBCE brand for CCF wealth management customers.

My Money Group announces the signing of a Memorandum of Understanding with HBCE to acquire its retail banking activities in France

•    Envisaged transaction to add high-quality retail bank network with 244 retail branches and 3,900 experienced employees serving approximately 800,000 customers across France

•    Combination aims to re-establish and build on the Crédit Commercial de France (CCF) brand, well known for the excellency of its retail banking expertise and wealth management solutions

With this merger which became effective on 31st December 2020, My Money Bank replaced My Partner Bank in all its rights, actions and obligations. My Partner Bank becomes a commercial brand of My Money Bank and continues to offer its expertise in professional mortgages to the real estate sector.

MMB SCF completed today its third covered bonds public issuance following its 2018 and 2019 transactions, raising €500 million covered bonds on a 10-year maturity (soft bullet).

The bonds are rated AAA by Standard & Poor’s and offer a yield of minus 0.027% p.a. (Mid Swaps + 18 basis points)

My Money Group issues Additional Tier 1 capital to strengthen its capital ratios, diversify its investors’ base and support the growth of its activities.
My Money Group completed its inaugural additional tier 1 issuance by raising EUR 100 million of perpetual, deeply subordinated notes at a fixed rate.
 
The transaction strengthen the Tier 1 capital ratio by 2.5% (was 15.7% at 30 June 2019) and supports the controlled growth of activities.