International Headlines and Stories

Two years after being sold by HSBC Group Banque Populaire, Société Marseillaise de Credit (SMC) might again change hands. The daily La Tribune, the CMS would be on the verge of being sold to Societe Generale.

Considered the nugget of all seven regional banks from HSBC France sold to the Banque Populaire Group in July 2008 – SMC was valued 1.1 billion euros over the 2.1 billion that the transaction cost – it should join the network of Crédit du Nord, a 100% subsidiary of Societe Generale, which already includes seven regional banks, the newspaper said without citing its sources.

The recovery of the MSC requested Rothschild neared 650 million, adds the site of La Tribune, reporting that it was 1.1 billion euros at the time of its acquisition.

Meanwhile, SMC, maintained by Live Banques Populaires, had been transferred to 880 million euros to all BPCE at its incorporation in August 2009, said the Tribune.

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