HSBC Exits Australian Retail as Blackstone Buys $36 Billion in Loans

HSBC is pulling out of Australian retail banking entirely, selling its entire $36 billion book of home and personal loans to private equity giant Blackstone. This marks the end of a four-decade presence for the London-headquartered bank in Australia, in one of the country's largest ever mortgage portfolio transactions. The deal signals a major reshuffling in the Australian home loan market.

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**The fallout extends to construction unions and political...