8th Aug 2006 08:47
HSBC Holdings PLC08 August 2006 HSBC SELLS AUSTRALIAN MARGIN LENDING PORTFOLIO TO ST.GEORGE BANK HSBC has sold its Australian margin lending portfolio to St.George Bank. Thebook value of the portfolio was A$425 million (approximately US$324 million) at31 July 2006. St.George is the fifth largest banking group in Australia and is ranked one ofthe top 15 publicly listed companies in Australia by market capitalisation. Itprovides a full range of retail and business banking, and wealth managementservices to more than 2.6 million customers nationally. Stuart Davis, Chief Executive Officer of HSBC Bank in Australia, said: "The saleof our margin lending portfolio follows the recent disposal of HSBCStockbroking. The two were highly integrated, with HSBC Stockbroking carryingout the administration for all our margin lending customers. St.George presentedan attractive offer and ensures our customers have access to award-winningmargin loan products. "HSBC's strategy for growth in Australia continues to place emphasis on makingfull use of the HSBC Group's strengths and participating in market opportunitieswhere we have a strong comparative advantage. "Our recent agreement to acquire Westpac's sub-custody business illustrates thisclearly. Securities services is an area where we can leverage HSBC's regionalnetwork and global efficiency, combining it with our local expertise to thebenefit of our sub-custody clients. "We also continue to roll out our successful new consumer finance initiative tomajor retail chains throughout Australia and to develop our corporate bankingbusiness in areas such as project finance, trade finance, debt capital marketsand payments and cash management." 1. HSBC Holdings plcThe HSBC Group is one of the largest banking and financial servicesorganisations in the world. The Group has over 9,500 offices in 76 countries andterritories in Europe, the Asia-Pacific region, the Americas, the Middle Eastand Africa, serves over 125 million customers and has assets of US$1,738 billionat 30 June 2006. HSBC is marketed worldwide as 'the world's local bank'. Further information can be found at www.hsbc.com 2. HSBC in AustraliaIn Australia, the HSBC Group offers an extensive range of financial servicesthrough a network of 32 branches and offices. These services include personaland commercial financial services, trade finance, treasury and financialmarkets, financial planning and securities custody. Principal HSBC Group membersoperating in Australia include HSBC Bank Australia Limited, HSBC Precious Metals(Australia) Limited and HSBC Bank plc. Further information can be found at www.hsbc.com.au 3. St.George BankSt.George is Australia's fifth largest bank and one of the top 15 publiclylisted companies in Australia, with A$100 billion in assets, 2.6 millioncustomers and over 8,600 employees. Founded in 1937 as a housing-based financialinstitution, St.George's national operations span all aspects of the financialindustry including retail banking, institutional and business banking and wealthmanagement. Further information can be found at www.stgeorge.com.au This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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