1st Dec 2006 13:00
HSBC Holdings PLC01 December 2006 HSBC ACQUIRES CHAMPION MORTGAGE LOAN PORTFOLIO HSBC, through a wholly-owned subsidiary of HSBC Finance Corporation, hasacquired the mortgage loan portfolio of Champion Mortgage, a division ofKeyBank, NA ("Champion"). The gross asset balance of the loan portfolio was approximately US$2.5 billionat 30 August 2006. The portfolio contains the mortgages of some 30,000customers. Tom Detelich, president of the consumer lending division of HSBC FinanceCorporation, said: "Champion's loan portfolio is a very good fit for HSBC'sconsumer lending business; these are customers we know how to serve well. OurHFC and Beneficial branches are well positioned to serve Champion's customerslocally, as they are based in many of the same neighbourhoods. Our aim will beto provide them with the right loan solutions as their financial needs change." HSBC's consumer lending business operates in the United States under the HFC andBeneficial names. It is one of the nation's largest consumer finance companies,with more than 1,350 branches in 46 states, and it provides consumers with avariety of real estate secured and unsecured loans. Champion Mortgage, based in Parsippany, NJ, is part of the consumer financedivision of KeyBank, NA. Champion markets a range of products through directmail, the internet and other media channels and serves mostly non-primecustomers in 26 states across the United States, with concentration in theNortheast. Notes to editors: 1. HSBC - North America Holdings Inc.HSBC - North America comprises all of HSBC's US and Canadian businesses,including the former Household International businesses. These serve nearly 60million customers in five key areas: personal financial services, consumerfinance, commercial banking, private banking and corporate, investment bankingand markets. Financial products and services are offered under the HSBC, HFC andBeneficial brands. For more information, visit www.hsbcusa.com. 2. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 76 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,738 billion at 30 June2006, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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