Blackstone Credit Arm Close to Acquiring HSBC’s Australian Loan Portfolio
HSBC is reportedly nearing an agreement with Blackstone's private credit unit for the sale of its A$30 billion loan portfolio in Australia. The deal, being negotiated by Citi and Allens on behalf of HSBC, marks a significant step as part of the bank’s broader global reorganization under CEO Georges Elhedery. This follows previous unsuccessful attempts to sell both loans and deposits to National Australia Bank or Macquarie. Blackstone's credit team has previously worked with Firmus, though different dealmakers are involved in this transaction. King & Wood Mallesons is representing Blackstone on the matter. HSBC’s strategic shift includes reducing corporate lending and restructuring its local management framework by merging leadership roles for greater efficiency.
Topics: banking Blackstone HSBC loan book sale private credit