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Blackstone credit unit nears deal for HSBC’s A$30bn Australian loan book
The talks involve HSBC’s Australian loan portfolio, said to be worth more than A$30bn, as part of HSBC’s wider global reorganization.
Blackstone’s private credit unit is reported to be close to acquiring HSBC’s Australian loan book, which is valued at more than A$30bn, according to the Australian Financial Review.
The discussions are being handled by the same Blackstone credit team that previously provided lending to Firmus, though with a different group of dealmakers. King & Wood Mallesons is acting for Blackstone, while Citi and Allens advise HSBC.
The sale process is linked to earlier efforts to auction HSBC Australia’s loan book, after the bank’s London headquarters narrowed the scope of the transaction. Earlier bids to sell the full Australian business, including loans and deposits, to National Australia Bank or Macquarie did not proceed.
HSBC is carrying out a broad global reorganization under CEO Georges Elhedery, which the report says has already led to retail banking being put up for sale, corporate lending being reduced, and a change to the local management structure. In Australia, the bank’s lending operations are organized across debt capital markets, structured finance, and leveraged and acquisition finance.