HSBC hastens retail exit with sale of $1.4b mortgage book
ASX-listed Pepper Money extends New Zealand business with acquisition.
HSBC said in June it would begin a phased withdrawal from its New Zealand wealth and personal banking business.
HSBC’s New Zealand bank, which in June announced plans to exit the local retail market, has agreed to sell its residential mortgage book to ASX-listed Pepper Money.
In a statement to the ASX, Pepper said the portfolio of loans had an outstanding balance of $1.4 billion and the transaction would be
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