GO
| HSI1 | 25,884.43 | 0.00 | -- |
| HSCEI1 | 8,612.15 | 0.00 | -- |
| Back Zoom + Zoom - Block Traded | |
|
HSBC HOLDINGS to Sell Home Loans and Personal Loans Portfolio to Blackstone, Expects Up to USD100M Loss
2026-07-31 08:50:42 HSBC HOLDINGS (00005.HK) announced that following a strategic review, HSBC Group has agreed to sell its portfolio of Australian home loans and personal loans to Virgo BidCo Pty Ltd, an entity wholly owned by funds managed by affiliates of Blackstone. The portfolio has a total gross carrying value of approximately AUD36 billion, equivalent to around USD25 billion. The transaction is expected to complete in 1H27, subject to various conditions including regulatory and competition approvals. The deal is expected to result in a loss of less than USD100 million. The total consideration for the sale of the Portfolio is equal to a base amount of AUD36 billion, plus an amount to reflect originations in the Portfolio from 31 January 2026 up to and including the date falling 14 days after the date of the Asset Sale and Purchase Agreement, in each case subject to certain adjustments. HSBC HOLDINGS stated that the remainder of HSBC Australia’s retail business will be wound down in a phased manner over the next 18 months. Following this, HSBC Australia’s Corporate and Institutional Banking, Asset Management and Private Banking businesses in Australia will be consolidated into HSBC Sydney Branch, simplifying HSBC’s entity footprint. HSBC expects to incur USD300 million in associated restructuring costs and write-offs. ~ AASTOCKS Financial News Website: www.aastocks.com | |