HSBC Holdings PLC agreed to sell its Australian home and personal loan portfolio to Blackstone-managed funds. The transaction is valued at approximately AUD 36 billion (US$25.3 billion). This divestment follows a strategic review and aligns with the bank's global simplification efforts.
The sale is expected to close in the first half of 2027, pending regulatory approvals. HSBC will completely exit the Australian retail banking sector through this transaction. The bank plans to wind down remaining retail operations and close its 19 branches over the next 18 months.
HSBC will consolidate its Australian operations to focus on corporate, institutional, private banking, and asset management.