Key facts
- HSBC is selling its Australian home and personal loan portfolio to Blackstone.
- The sale is valued at approximately US$25 billion.
- HSBC will close its 19 Australian branches over 18 months.
HSBC to sell Australian loan portfolio to Blackstone for $25bn
IN SHORT
HSBC is selling its Australian home and personal loan portfolio to Blackstone for approximately $25 billion. The sale is part of a global restructuring that includes closing 19 HSBC branches in Australia over 18 months.
Key Numbers
A$36 billionHSBC Australian loan portfolio value
19HSBC Australian branches to close
18 monthsTimeline for branch closures
US$25 billionSale price of Australian loan portfolio
less than US$100 millionExpected loss on sale
Who's Involved
HSBC
selling Australian loan portfolio and closing branches
Blackstone
acquiring HSBC's Australian loan portfolio
↳ Why This Matters
The sale represents a significant step in HSBC's global restructuring, signaling its withdrawal from Australian retail banking and impacting its operational presence in the country. The transaction also highlights Blackstone's continued activity in acquiring financial assets.