HSBC sells Australian loan portfolio to Blackstone for $25 billion

Glonghui July 31 | HSBC has announced that, following a strategic review, the Group has agreed to sell its Australian home loan and personal loan portfolio to Virgo BidCo Pty, a fund managed by Blackstone. The estimated consideration is USD 25 billion, and the transaction is expected to be completed in the first half of 2027, subject to satisfaction of all conditions (including regulatory and competition approvals). HSBC expects the sale of the Australian loan portfolio will result in a loss of less than USD 100 million for the Group. The net proceeds from the sale are expected to be used for general corporate purposes. The remaining part of HSBC's Australian retail business will be reduced in stages over the next 18 months.