HSBC agrees to sell AUD 36 billion Australian home, personal loan portfolio to Blackstone
BX•Wind-down plan and expected costs
HSBC said the transaction is expected to generate a pre-tax loss of less than USD 0.1 billion by the first half of 2027.
The bank also plans to wind down the rest of its Australian retail business over 18 months, with USD 0.3 billion in restructuring costs.
Pepper Money will service the loans after completion.
HSBC agrees to sell Australian home, personal loan portfolio
HSBC Holdings agreed to sell its Australian home loan and personal loan portfolio to Blackstone-owned Virgo BidCo for about AUD 36 billion.
The transaction is expected to close in the first half of 2027, subject to regulatory and competition approvals.
