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.
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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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