HSBC to sell $25.3 billion Australian home loan portfolio to Blackstone

HSBC has agreed to sell its A$36 billion Australian home and personal loan portfolio to Blackstone, marking its exit from retail banking in Australia.

HSBC on ‌Friday said it ​will sell its A$36 billion ($25.30 billion) Australian home and personal loan ‌portfolio to investment giant Blackstone , marking its exit from retail banking in Australia.

The portfolio will be acquired by ‌Virgo BidCo, an entity wholly owned by funds ‌managed by affiliates of Blackstone, in a deal expected to close in the first half of 2027, subject to regulatory and competition ⁠approvals. Blackstone ​did not ⁠immediately respond to a Reuters request for comment.

The portfolio had a ⁠book value of about A$36 billion as of March 31, ​2026. The final purchase price will be adjusted ⁠before completion to reflect factors including new loan originations. HSBC said the ⁠sale ​followed a strategic review of its Australian retail business as part of the group's effort to simplify ⁠its operations.

The lender said the rest of HSBC Australia's retail ⁠business would ⁠be wound down in phases over the next 18 months. ($1 = 1.4231 Australian dollars)