HSBC to Sell A$36 Billion Loan Portfolio to Blackstone Unit
HSBC has agreed to sell its Australian home and personal loan portfolio valued at A$36 billion to a Blackstone subsidiary, with completion expected in the first half of 2027.
HSBC will offload an A$36 billion portfolio of Australian home and personal loans to Virgo Bidco Pty Ltd, a company controlled by Blackstone. The disposal is expected to result in an immaterial loss for the HSBC Group, according to sources.
The transaction, which places a sizable pool of consumer debt onto Blackstone’s balance sheet, is slated to close in the first half of 2027. The move aligns with HSBC’s ongoing strategic pivot away from non-core retail banking markets.
Neither HSBC nor Blackstone immediately commented on the deal terms beyond the disclosed value and timeline.
Source: First Squawk