Information  X 
Enter a valid email address

HFC Bank Ld (82PR)

  Print      Mail a friend

Monday 24 October, 2005

HFC Bank Ld

HFC Bank subsidiaries

HFC Bank Limited
22 October 2005

21 October 2005



HFC BANK TO SELL STERLING CREDIT LIMITED AND ENDEAVOUR PERSONAL FINANCE LIMITED



HFC Bank has offered for sale to prospective purchasers, its Sterling Credit
Limited and Endeavour Personal Finance Limited secured lending businesses.



The move follows a strategic review in which it was decided that HFC Bank wanted
to focus on those businesses that are core to the Bank's strategy in terms of
customer groupings and distribution channels.



The bank considers that there are potential purchasers for whom the development
or acquisition of a second mortgage portfolio will be core to their current
business and future strategic direction. Further, the bank regards the intrinsic
value of these two well-managed businesses as likely to make them an attractive
proposition to the market.



Both are market leading franchises with highly respected brands.  Sterling
Credit Limited has deep mortgage broker relationships that have been developed
over 20 years. Combined, the businesses hold an eight per cent share of the
second charge personal loan market.



The assets of Sterling Credit Limited and Endeavour Personal Finance Limited
total £744.7million with shareholders funds of £92.8million (taken from the
statutory accounts dated 31 December 2004).



Media enquiries to Patrick Long on +44 (0)1344 892 411 or
[email protected]



Notes to Editors:

Sterling Credit Limited and Endeavour Personal Finance are wholly owned
subsidiaries of HFC Bank Limited.



HFC Bank Limited is authorised and regulated by the Financial Services
Authority.

Registered Office:  North Street, Winkfield, Windsor, Berkshire SL4 4TD.
Registered in England No. 1117305.



HFC Bank Limited is a member of the HSBC Group of companies



The HSBC Group

HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc, and a member of
the HSBC Group. Serving over 110 million customers worldwide, the HSBC Group has
approximately 9,700 offices in 77 countries and territories in Europe, the
Asia-Pacific region, the Americas, the Middle East and Africa. With assets of
US$1,467 billion at 30 June 2005, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.



                                      ends


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                     

a d v e r t i s e m e n t