HSBC Australian unit sells US$1.7b assets
The Australian unit of HSBC Holdings (0005) will sell its broker-originated mortgage portfolio valued at US$1.75 billion (HK$13.65 billion) to FirstMac, a leading Australian residential mortgage provider.
The portfolio consists of 10,000 customer accounts distributed through brokers in Australia.
HSBC Bank Australia will retain the majority of its non-broker originated mortgage portfolio, valued at US$5.8 billion. It will stop accepting residential mortgage applications from brokers after February 16.
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