HSBC plans to sell portfolio, reducing U.S. business

03/5/2013 | Bloomberg

Extending consolidation under CEO Stuart Gulliver, HSBC Holdings is paring its U.S. operation by selling a portfolio of consumer loans for $3.2 billion. The move will "accelerate the run-off of the legacy consumer mortgage and lending business and [is] a continuation of HSBC's strategy to reposition its U.S. operations," HSBC Finance CEO Patrick Burke said. The sale, scheduled for the second quarter, is being made to Springleaf Finance and Newcastle Investment.

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