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HSBC sells $25bn Australia loan book to Blackstone
HSBC has agreed to sell its $25.3bn (A$36bn) Australian mortgage book to Blackstone as part of its global restructuring under chief executive Georges Elhedery.
The asset manager emerged as the preferred bidder for the Australian business in recent days. Blackstone said the deal represented the largest home loan portfolio transaction ever agreed and was a “marquee investment” in the push to expand its private credit business globally.
The firm has a voracious appetite for private credit transactions, having struck a $35bn deal alongside Apollo this month to finance chipmaker Broadcom’s expansion and a $1.3bn deal with Apogee Therapeutics in May.
HSBC’s disposal of its Australian loan book, which will result in a $100mn loss, is the bank’s second exit this month after selling its Singapore insurance business to Allianz for $2.1bn.
Elhedery, who took over as chief executive at Europe’s largest lender two years ago, has also shut key parts of its investment banking business in the UK, Europe and the Americas as part of a strategy overhaul.
HSBC went into the Australian market in the 1960s and gained a full banking licence in the 1980s. It put its retail operations up for sale last year but failed to attract formal bids despite interest from groups including National Australia Bank and Macquarie Group. In recent months the bank has instead held talks over a break-up of the asset.
The loan book sale means that HSBC will wind down its residual retail business at a cost of $300mn. It will remain in the Australian market providing corporate and institutional banking services.
In June the bank agreed to pay a A$35mn (US$24.6mn) penalty over its failure to protect Australians from scammers.
HSBC’s decision to scale back its Australian activities comes after Citigroup sold its local operations to NAB for A$1.3bn in 2021.
Blackstone has partnered with local non-bank lender Pepper Money to service the loans.
Pepper bought the A$21bn RAMS loan book from Australian bank Westpac alongside KKR and Pimco and acquired HSBC’s $820mn (NZ$1.4bn) New Zealand loan book in 2023.
Mike Culhane of Blackstone said it had acquired a “high quality” asset from HSBC. “We strive to oversee this portfolio thoughtfully and with discipline and remain committed to Australia as a highly attractive market for long-term credit investment,” he said in a statement.