HSBC sells $25 billion Australian loan book to Blackstone
What's next: The A$36 billion deal is set to close in early 2027, with HSBC booking restructuring and FX losses as it exits consumer lending.
HSBC is selling its A$36 billion, or about $25.3 billion, Australian home and personal loan portfolio to Blackstone in what the firms described as the largest home loan portfolio sale on record. The transaction is expected to close in the first half of 2027 pending regulatory approval. HSBC said it expects a loss of less than $100 million on the sale, about $300 million in restructuring costs tied to winding down the retail business, and roughly $300 million in foreign-currency translation losses. Blackstone said Pepper Money will manage the portfolio. The sale continues CEO Georges Elhedery’s push to cut costs and shed non-core operations as HSBC retreats further from consumer banking in several markets.