Home
Investment
News & Views
Company News
news storage
HSBC offloads last of US car loan portfolio
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
HSBC offloads last of US car loan portfolio
Tue, 31 Aug 2010, 06:51:00
The US arm of global banking giant <b>HSBC</b> has completed its exit from the car loan business. The sale of HSBC's remaining US consumer finance car loan run-off portfolio to Santander Consumer USA has been completed for around $3.56bn in cash, subject to post-completion adjustments. As part of the deal Santander Consumer USA will assume around $431m of debt. The carrying value of the loans at 30 June 2010 was $4.3bn. Santander Consumer USA previously acquired HSBC's auto finance loan servicing platform and $1bn in loan receivables in March 2010.
©2004-2009 QCK.com
