31st May 2016 07:47
LONDON (Alliance News) - HSBC Finance Corp on Friday filed a document that showed it is set to enjoy an after-tax gain of approximately USD168 million, net of transaction costs, following a mortgage loan purchase agreement with DLJ Mortgage Capital Inc.
HSBC Finance Corp, a US consumer finance company which is part of banking giant HSBC Holdings PLC, said it completed the sale of a pool of real estate secured receivables under the agreement.
The receivables sold had an unpaid principal balance of USD3.3 billion and an aggregate carrying value of USD2.9 billion at the time of sale.
HSBC Finance Corp received USD3.2 billion in cash. The gain will be recorded in the second quarter of 2016.
The document was filed with the US Securities & Exchange Commission
HSBC Holdings acquired Household International Inc in March 2003. In December 2004, Household merged with HSBC subsidiary Household Finance Corp and became known as HSBC Finance Corp.
Shares in HSBC Holdings were up 0.9% at 452.35 pence early Tuesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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