HSBC Bank plc, a subsidiary of HSBC Holdings plc (HSBA.L,HBC: Quote), announced it has sold a portfolio of non-performing personal unsecured and secured loans to the Paragon Group for a total cash consideration of 13.5 million pounds. The portfolio is made up of loans from HFC Bank Limited, an indirect subsidiary of HSBC that was put into run off in 2009.
In a separate announcement, Paragon Group Of Companies plc (PAG.L) stated that it expects the acquisition to be earnings enhancing in the current financial year.
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by RTT Staff Writer
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