HSBC sells margin lending business to St George

The Australian bank picks up the portfolio with a book value of $324 million.

In the ongoing rationalisation of its Australian business, HSBC has sold its local margin lending portfolio to St George Bank, the countryƆs fifth largest banking group. The portfolio has a book value of A$425 million $324 million.

HSBC says the deal is in line with its plan to dispose of non-core businesses in Australia, including the sale of its stockbroking business to ETRADE in June this year for A$51 million.

Stuart Davis, the CEO of HSBC in Australia,...

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