HSBC to sell NZ mortgages to Pepper Money

Fri, 01 Sep 2023

HSBC will sell its New Zealand mortgage portfolio to an NZ subsidiary of the Australian securities exchange-listed Pepper Money.The transaction is expected to comprise $1.4 billion of mortgages and be completed by November 2023.Pepper Money had assets of A$18.9b (NZ$20.5b) at June 30, 2023.It had already set up a base in NZ in 2011 when it acquired GE Capital’s Australian and NZ home lending business.“Since then, Pepper Money has continued to grow its presence in this market with the establishment of an end-to-end mortgage platform...

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