HSBC has reached an agreement to sell a substantial €6.7 billion ($7.81 billion) portfolio of French residential mortgages to British insurer Rothesay, in partnership with the Crédit Commercial de France (CCF) Group, according to an announcement on Friday.

The mortgage portfolio primarily comprises long-term, 25-year fixed-rate home loans issued for residential properties across France, Rothesay confirmed.

This deal marks another step in HSBC’s ongoing retreat from the French market, part of its broader strategy to shift focus toward faster-growing regions, particularly in Asia. The bank finalized its exit from retail banking in France earlier this year, completing the sale of its local retail operations to CCF in January 2024.

The transaction further consolidates CCF’s role in taking over HSBC’s former footprint in France while allowing Rothesay—traditionally focused on pension and insurance markets—to deepen its presence in European credit assets.

The euro-to-dollar exchange rate at the time of the deal was approximately $1 to €0.8581.