Monday, September 28, 2009
HSBC to sell Polish consumer finance oprerations
Posted by Nick Porcell
HSBC Holdings /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 57.56, +1.12, +1.98%) /quotes/comstock/23s!a:hsba (UK:HSBA 723.30, 0.00, 0.00%) said it's going to sell its Polish HSBC Credit branded consumer finance portfolio, and its credit card portfolio, to Alior Bank SA for a premium to the book value of the receivables at the date of completion. The gross asset value of the two portfolios was PLN1 billion (US$350 million) at the end of July. Following the sale of its non-core consumer finance portfolio, HSBC Bank Polska will focus on growing its personal banking services aimed primarily at Premier and middle class segments. The bank will also continue to strengthen its global banking and markets and commercial banking businesses.
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