HSBC sells U.S. consumer, homeowner loans for $3.2B
NEW YORK – HSBC, Europe's largest bank, is selling two portfolios containing U.S. consumer and homeowner loans for about $3.2 billion in cash as it looks to minimize its exposure in the country.
HSBC has been selling assets as part of its plan to improve profitability and shore up capital. Last year it completed the sale of its U.S. card business to Capital One for $2.6 billion.
The two portfolios are being sold to SpringCastle Acquisition LLC, which is owned by consumer finance company Springleaf Finance Inc. and real estate investment trust Newcastle Investment Corp.
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