29th Aug 2006 17:12
HSBC Holdings PLC29 August 2006 HSBC FINANCE CORPORATION TO ACQUIRE SOLSTICE CAPITAL HSBC Finance Corporation, a wholly-owned subsidiary of HSBC North AmericaHoldings Inc., has reached agreement with the shareholders of Solstice CapitalGroup Inc. to acquire 100 per cent of the privately held US-based mortgagelender. The transaction is subject to regulatory approval. Solstice Capital Group, based in Irvine, CA, had gross assets of USD $36.1million at 30 June, 2006. The firm was founded in 1998 and has 170 employeesbased primarily in Irvine, California, with satellite locations in Phoenix,Arizona, and Las Vegas, Nevada. The company markets a range of mortgage and homeequity products to customers through direct mailing. Tom Detelich, president of the consumer lending division of HSBC FinanceCorporation said: "Solstice Capital Group is an excellent strategic fit forHSBC. This acquisition complements our strong bricks and mortar branch network.We will be pleased to offer customers more choices and build upon the solidplatform that Solstice has established in the direct-to-consumer mortgageorigination market." HSBC's consumer lending business operates in the United States under the HFC andBeneficial names. It is the nation's second largest consumer finance company,with more than 1,300 branches in 46 states, and it provides a variety of realestate secured and unsecured loans to primarily non-prime customers. HSBC - North America Holdings Inc.HSBC - North America comprises all of HSBC's U.S. and Canadian businesses,including the former Household International businesses. The company'sbusinesses serve nearly 60 million customers in five key areas: personalfinancial services, consumer finance, commercial banking, private banking andcorporate investment banking and markets. Financial products and services areoffered under the HSBC, HFC and Beneficial brands. For more information, visitwww.hsbcusa.com. 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$1,502 billion at 31December 2005, 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:
HSBC Holdings