Overview
- HSBC has agreed to sell its A$36 billion (US$25 billion) Australian home loan portfolio to a Blackstone unit, with the sale price tied to the portfolio value at end‑January plus an interest and collections premium.
- The transaction is expected to close in the first half of 2027 subject to regulatory clearance and will be operationally managed by Pepper Money after transfer.
- HSBC says the disposal will cause an immaterial pre‑tax loss of under US$100 million for the group and will lead to roughly US$300 million of restructuring charges and write‑offs.
- The bank will wind down the remainder of its Australian retail business over about 18 months and retain and consolidate its corporate, institutional, asset management and private banking operations into its Sydney arm.
- Blackstone frames the purchase as part of its private credit expansion in Asia and the deal follows HSBC’s wider programme of retail exits in markets such as Indonesia, Sri Lanka and Bangladesh.