HSBC to pull out of Australian retail banking market
London-based company to sell local loan portfolio to Blackstone, but will continue private and institutional banking services
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The London-headquartered HSBC is closing all Australian branches over the next 18 months after selling its local mortgage and personal loan portfolio to global asset giant Blackstone.
The transaction will end HSBC’s decades-long retail presence in Australia, although it will continue to operate private and institutional banking services, the company said on Friday.
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RASIPOGULA GOPAL
Sr. Reporter
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