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HSBC To Sell Polish Consumer Finance Receivables

HSBC Bank Polska to focus on personal banking services aimed primarily at premier and middle class segments

HSBC Bank Polska, a part of HSBC Group, has agreed to sell its HSBC Credit branded consumer finance portfolio and its credit card portfolio to Alior Bank, a financial institution in Poland.

The bank has said that following the sale of its non-core consumer finance portfolio, HSBC Bank Polska will focus on its personal banking services aimed primarily at premier and middle class segments. It has been reported that the bank will continue to improve its global banking and markets and commercial banking businesses, where its global reach offers to companies engaged in international trade.

Reportedly, the total consideration to be paid in cash on completion of the deal, will be at a premium to the net book value of the receivables at the date of completion. However, the gross asset value of the two portfolios was PLN1 billion ($350 million) at 31 July 2009. Moreover, the sale is expected to be concluded in the fourth quarter of 2009.