HSBC to Exit Australian Retail Banking, Sells Loan Portfolio to Blackstone
HSBC has announced its decision to close all its Australian branches and exit the retail banking market in the country. This move follows the sale of its local mortgage and personal loan portfolio to Blackstone, a global asset management firm. The transaction, which involves a portfolio valued at approximately A$36 billion, is expected to be completed by the first half of 2027. HSBC will continue to offer private and institutional banking services in Australia. The closure of its 19 branches will occur in a phased manner over the next 18 months. The decision is part of HSBC's strategic review and simplification of its global operations. The bank has appointed Pepper Money to service the loans post-sale, and it is anticipated that some HSBC employees may transition to roles at Pepper Money. 
