UK banking giant HSBC today completed the sale
of its remaining US consumer car finance portfolio to Santander
Consumer USA (SC USA).

SC USA paid approximately $3.56bn (€2.82bn) in
cash, as part of HSBC’s move out of the American consumer lending
market, following the write-off of billions of dollars of US
loans.

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The sale also includes a loan book worth $4.3bn
and assumed debt of about $431m.

In March, SC USA acquired HSBC’s auto finance loan servicing
platform as well as $1bn of loan receivables.

The sale comes in the wake of Santander’s
purchase of 318 Royal Bank of Scotland branches for £1.65bn
(€2.01bn) in August.

Claire
Hack

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