HSBC exits Australian retail lending with $36bn portfolio sale

InvestorDaily

HSBC has agreed to sell its $36 billion Australian home and personal loan portfolio to Blackstone, marking a significant step in the bank’s exit from Australia’s retail banking market. HSBC has agreed to sell its $36 billion Australian home and personal loan portfolio to Blackstone, marking a significant step in the bank’s exit from Australia’s retail banking market while giving the global investment giant one of the largest credit investments ever completed in Australia. The portfolio, comprising Australian home loans and personal loans, has a total book value of approximately $36 billion.

Pepper Money will become the portfolio’s servicer following completion of the sale, taking responsibility for the ongoing administration and management of the loans and supporting customers and mortgage brokers through the transition. Blackstone described the acquisition as the largest home loan portfolio transaction globally, saying it reinforced the firm’s long-term commitment to Australia and its strategy of deploying capital into the country’s housing market. The transaction is expected to complete in the first half of 2027, subject to regulatory approvals.

The rest of this article can be found at investordaily.com.au.