HSBC Poland - sale of portfol

RNS Number : 5412Y

HSBC Holdings PLC

04 September 2009

 

4 September 2009

HSBC TO SELL POLISH CONSUMER FINANCE RECEIVABLES

HSBC Bank Polska SA has agreed to sell its HSBC Credit branded consumer finance portfolio, and its credit card portfolio, to Alior Bank SA. The total consideration, to be paid in cash on completion of the deal, will be at a premium to the net book value of the receivables at the date of completion. The gross asset value of the two portfolios was PLN1 billion (US$350 million) at 31 July 2009.

Following the sale of its non-core consumer finance portfolio, HSBC Bank Polska will focus on growing its personal banking services aimed primarily at Premier and middle class segments. The bank will also continue to strengthen its global banking and markets and commercial banking businesses, where its global reach offers significant advantages to companies engaged in international trade.

The sale is expected to be concluded in the fourth quarter of 2009.

Notes to editors:

1. HSBC Bank Polska SA

HSBC Bank Polska SA is part of HSBC Group, one of the world's largest banking and financial services organisations. HSBC in Poland focuses on personal banking for premier customers, commercial banking, and treasury and fund investment services.

2. The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,422 billion at 30 June 2009, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

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