06 February 2003
CCF has agreed to acquire two branches in Paris from Banque Worms. The purchase price will be up to EUR9 million in cash based on the retained value of the acquired business at the end of May 2003. The acquisition will be funded from CCF’s own capital.
Under the terms of the agreement, CCF will acquire the branches in Georges V and Rive Gauche, Paris. The Georges V branch is dedicated to affluent customers, while the other in Rive Gauche focuses on commercial banking activities. The transaction is expected to close in March 2003.
Note:
CCF joined the HSBC Group in July 2000. With some 8,400 offices in 81 countries and territories and assets of US$746 billion at 30 June 2002, the HSBC Group is one of the world’s largest banking and financial services organisations.
