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Stock Market & Financial Investment News

News Breaks
March 5, 2013
08:56 EDTFIG, NCT, HBCHSBC to sell loan portfolios to Springleaf, Newcastle for $3.2B
HSBC Finance Corporation, an indirect wholly-owned subsidiary of HSBC Holdings (HBC), has entered into an agreement to sell its Personal Unsecured Loan and Personal Homeowner Loan portfolios to SpringCastle Acquisition LLC, a Delaware-based company owned by Springleaf Finance and Newcastle Investment Corp. (NCT). The portfolios sale transaction is scheduled for completion in the second quarter of 2013 and is subject to customary closing conditions. HFC has also entered into an agreement to sell its loan servicing facility and related assets in London, Kentucky to Springleaf. Completion of the sale of the building and assets, which is subject to customary closing conditions, is expected in the fourth quarter of 2013, following a transitional period to allow for the conversion of loans being sold to SpringCastle. Upon completion of the sale of the Facility, the majority of employees located in the Facility will transfer to become employees of Springleaf. At December 31, 2012, the carrying value of the gross assets being sold was approximately $4.3B. The total consideration to be paid by SpringCastle and Springleaf is $3.2B.
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