hsbc-sells-margin-lending-business-to-st-george

HSBC sells margin lending business to St George

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

By Cherie Marriott

August 09, 2006

In the ongoing rationalisation of its Australian business, HSBC has sold its local margin lending portfolio to St George Bank, the countryÆs 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, says the stockbroking business and the margin lending business were highly integrated with HSBC stockbroking carrying out the administration for all margin lending customers. ôSt George presented an attractive offer and ensures our customers have...

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