HSBC Starts to Sell $7 Billion of French Mortgages Amid Revamp

HSBC Holdings Plc kicked off the sale of its French mortgages portfolio, which is equivalent to about $7 billion, as the lender pushes ahead with its worldwide restructuring plan.

The transaction is in “active marketing” and could cause the lender to record a loss of about $1 billion, HSBC said in its full-year earnings presentation Wednesday. The transaction will be “treated as a material notable item for the purposes of the dividend payout ratio,” it said.

At the end of 2023, HSBC completed the sale of its retail banking business in France to a unit of Cerberus-backed My Money ...