- Pepper Money will act as servicer to the portfolio, which has a total book value of AUD36 billion (US$25 billion)1
- HSBC will continue to invest in and grow its Corporate and Institutional Banking, Private Banking and Asset Management businesses in Australia
- Remainder of HSBC retail business in Australia to be wound down over 18 months
HSBC agrees to sell AUD36 billion Australian home and personal loan portfolio to Blackstone
HSBC Bank Australia Limited (‘HSBC Australia’), an indirect subsidiary of HSBC Holdings plc (‘HSBC’ or ‘HSBC Group’) has entered an agreement to sell its portfolio of Australian home loans and personal loans (‘the Portfolio’) to Blackstone, the world’s largest alternative asset manager. The Portfolio has a total book value of approximately AUD36 billion (US$25 billion)1.
Pepper Money Limited (‘Pepper Money’) will act as the servicer of the Portfolio following completion of the sale to provide ongoing support to customers and brokers. Pepper Money is one of Australia’s largest non-bank lenders, with over 26 years’ experience as a lender and service provider across a wide range of asset classes and portfolio transactions.
The sale of the Portfolio is expected to complete in the first half of 2027, subject to regulatory approvals. All parties will work closely together to enable a smooth transition for customers.
Pepper Money will be advertising roles which HSBC Australia employees will hear more about in the coming months.
HSBC’s strategic focus in Australia
Australia remains an important part of HSBC’s global network. HSBC will continue to invest in and grow its Corporate and Institutional Banking franchise across Australia and New Zealand to support corporates, institutions, superannuation funds and innovative scale-ups with pursuing their domestic and offshore growth ambitions. HSBC will also continue to invest in and grow its Asset Management and Private Banking businesses, which will continue to operate in Australia.
Remainder of Australian retail business to be wound down
The remainder of HSBC Australia’s retail business not included in the sale will be wound down in a phased manner over the next 18 months. For now, customers can continue to bank with us as normal and will receive information from HSBC outlining the subsequent changes to the products held, noting there is no action required at this point.
The decision to sell the Portfolio and wind down the remainder of the retail business follows a strategic review of HSBC Australia’s retail business and forms part of the ongoing simplification of the HSBC Group. HSBC is focused on increasing leadership and market share in the areas where it has clear competitive advantage and the greatest opportunities to grow and support its clients.
HSBC Group financial impact
The disposal of the portfolio is expected to generate an immaterial loss for the HSBC Group. Further information can be found in the HSBC Group’s stock exchange announcement.
Media enquiries:
Jessica Effeney, HSBC Australia and New Zealand
media@hsbc.com.au
Notes to editors:
1As of 31 March 2026
- The retail products scheduled for wind down include transaction accounts, savings and term deposits, credit cards, foreign currency accounts, wealth and investment products.
- Corporate & Institutional Banking operates as a single business across Australia and New Zealand.
- HSBC continues to grow and invest in its Corporate and Institutional Banking business in Australia and New Zealand, supporting the ambitions of corporates, institutions, superannuation funds and innovative scale ups. It has:
- grown Corporate and Institutional client numbers by 30% over the last three years
- launched HSBC Innovation Banking in 2025. HSBC remains the only bank that offers venture debt and specialist venture banking support
- been named #1 global bank in Australia for the 16th consecutive year in a row by Crisil Coalition Greenwich Voice of Client 2026 Survey.
- been named in the Euromoney Awards for Excellence 2026 as Australia’s Best International Bank and Australia’s Best for Securities Services.
- become #2 for total offshore bonds for Australia and New Zealand issuers (Bloomberg AU/NZ Bonds League Table)
HSBC Bank Australia Limited
In Australia, the HSBC Group offers an extensive range of financial services through a network of branches and offices. Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited (ABN 48 006 434 162 AFSL/Australian Credit Licence 232595) and The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970 and AFSL 301737).
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,306bn at 31 March 2026, HSBC is one of the world’s largest banking and financial services organisations.