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HSBC Holdings To Sell Personal & Homeowner Loan Portfolios To SpringCastle

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3/5/2013 9:06 AM ET

HSBC Holdings Plc (HBC: Quote,HSBA.L) Tuesday announced agreement to sell its Personal Unsecured Loan and Personal Homeowner Loan portfolios to SpringCastle Acquisition LLC.

The sale helps HSBC to reposition its U.S. operations and focus on the core businesses supporting our aim to be the world's leading international bank.

SpringCastle Acquisition is owned by by Springleaf Finance, Inc. and Newcastle Investment Corp. HFC will also sell its loan servicing facility and related assets in London, Kentucky to Springleaf.

Upon completion of the sale of the Facility, the majority of employees located in the Facility will transfer to become employees of Springleaf.

The sale of portfolios and assets is scheduled to be completed in the second quarter and fourth quarter, respectively, and is subject to customary closing conditions.

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by RTT Staff Writer

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