British banking giant HSBC has announced it will sell its Australian home loan and personal lending portfolio to US investment giant Blackstone for 36 billion Australian dollars, or 25.3 billion US dollars. Subject to regulatory and competition approvals, the deal is expected to close in the first half of 2027, with HSBC gradually exiting the Australian retail banking business. The portfolio will be acquired by Burgo Bidco, a special purpose vehicle wholly owned by funds managed by Blackstone affiliates. HSBC has been scaling back globally since the global financial crisis, and this exit was decided as part of efforts to simplify the business and improve returns under Chief Executive Officer Georges Elhedery, who took office in September 2024. The bank will continue to invest in its corporate and institutional banking operations in Australia and New Zealand.
HSBC Holdings PLCHSBC sells its Australian retail banking business, exiting that market.
Blackstone Group IncAcquiring HSBC's Australian retail portfolio expands Blackstone's assets.