HSBC Inks $3.2B Deal To Shed Consumer Loan Portfolio

Law360, New York (March 5, 2013, 2:06 PM EST) -- HSBC Holdings PLC will unload a consumer loan portfolio in a $3.2 billion sale to a private equity-backed lender and a New York-based real estate investment trust, in line with plans to dial down its U.S. business, the European megabank said Tuesday.

In the deal, Springleaf Finance Inc. — majority owned by Fortress Investment Group LLC — and Newcastle Investment Corp. will evenly split the portfolio, which includes 400,000 personal and homeowner loans with unpaid principal worth $4.2 billion. In connection with the sale, Springleaf will...
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