HSBC Holdings Plc said it agreed to sell a U.S. subsidiary's personal unsecured loan and personal homeowner loan portfolios to SpringCastle Acquisition LLC and Newcastle Investment Corp. The subsidiary, HSBC Finance Corp, also said it agreed to sell its loan servicing facility and related assets in London, Kentucky to Springleaf Finance Inc.The total consideration to be paid by SpringCastle and its parent, Springleaf, is $3.2 billion in cash."These agreements accelerate the run-off of the legacy consumer mortgage and lending business and are a continuation of HSBC's strategy to reposition its U.S. operations and focus on the core businesses supporting our aim to be the world's leading international bank," Patrick Burke, CEO, HSBC Finance Corp said in a statement.
HSBC Holdings plc is a banking and financial services organization. Shares of HBC remained unchanged at $53.95. In the past year, the shares have traded as low as $38.56 and as high as $57.37. On average, 1434290 shares of HBC exchange hands on a given day and today's volume is recorded at 11600.
Newcastle Investment Corp. (Newcastle) is a real estate investment and finance company. Shares of NCT remained unchanged at $11.13. In the past year, the shares have traded as low as $5.73 and as high as $11.38. On average, 4661660 shares of NCT exchange hands on a given day and today's volume is recorded at 40750.
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