HSBC Australia Sale Reignites as Blackstone Eyes A$26 Billion Loan Book
Blackstone has its eye on HSBC’s A$26 billion Australian loan book, with early bids set for the end of April, according to The Australian’s DataRoom on Monday. Citi, managing the sale, could see competing offers from Apollo Global Management, Cerberus Capital Management, and Ares Management, the report added. This step is significant for Chief Executive Georges Elhedery as he pushes ahead with trimming lower-yield segments and concentrating HSBC’s efforts on its main markets. Back in February, HSBC raised its return-on-tangible-equity goal to at least 17% through 2028, aiming for revenue growth over that same stretch—ratcheting up the pressure to turn asset sales and cost trimming into solid gains.
