HSBC Bank Australia has reached a deal to divest its Australian mortgage and personal lending portfolio to Blackstone, with the assets carrying a book value of about A$36bn ($25bn). <\/p>\n
The transaction is due to close in the first half of 2027, pending regulatory clearance. <\/p>\n
Pepper Money will act as the loan management partner for the portfolio. <\/p>\n
The lender was founded in 2000 in Australia as a specialist in residential home loans and operates across Australia and New Zealand. <\/p>\n
It will work with Blackstone on the transfer of the portfolio from HSBC and the handling of borrower accounts. <\/p>\n
Blackstone Credit & Insurance international head Dan Leiter said: “International expansion is a major priority for our private credit business. Blackstone’s global credit platform, deep origination capabilities, and long-standing relationships position us to deliver unique value to clients around the world. This marquee investment is a testament to the power of our franchise and our conviction in the growing opportunities in credit across Asia.” <\/p>\n
“Australia remains an important part of HSBC’s global network.”, the bank said in a statement. <\/p>\n
HSBC said it would keep investing in and expanding its Corporate and Institutional Banking operations in Australia and New Zealand, serving companies, institutions, superannuation funds and scale-up businesses pursuing growth at home and overseas. <\/p>\n
The bank would continue to develop its asset management and private banking operations in Australia. <\/p>\n
Retail operations in Australia that are not part of the sale will be closed in stages over the next 18 months. <\/p>\n
HSBC said retail customers could continue using their banking services as usual for the time being and would later receive details about changes affecting their products. <\/p>\n
According to HSBC, the sale of the portfolio and the closure of the remaining retail business follow a review of its Australian retail operations and are part of a wider effort to simplify the group. <\/p>\n
In June, Bloomberg, citing sources, reported that\u202fEmirates NBD is in talks<\/a>\u202fto buy HSBC’s operations in T\u00fcrkiye. <\/p>\n In May this year, OCBC Indonesia\u202fsigned a deal<\/a>\u202fwith PT Bank HSBC Indonesia to assume the assets and liabilities connected to HSBC Indonesia’s retail banking and wealth management operations. <\/p>\n HSBC Sri Lanka\u202fsigned a binding agreement<\/a>\u202fin September 2025, to transfer its retail banking operations to Nations Trust Bank (NTB). <\/p>\n In July last year, HSBC\u202fdisclosed its plan<\/a>\u202fto withdraw from its International Wealth and Premier Banking (Retail Banking) operations in Bangladesh. <\/p>\n