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British bank HSBC informed the London Stock Exchange that Santander Consumer Finance, the consumer division of Spain’s largest financial institution, has reached an agreement with the London-based company to acquire its car loan business in the U.S. for $ 900 million.
According to the agreement, which is expected to close in first quarter 2010, Santander will acquire a $ 1 billion “quality” car loan portfolio. In addition, it paid € 2.7 million for the HSBC infrastructure and equipment, and signed a contract to manage the rest of HSBC´s automobile portfolio, which amounts to € 4.5 billion.
Santander Consumer Finance (SCF) is a leader in consumer financing, operating in 17 countries. The agreement with HSBC will further reinforce the company’s presence in the United States.
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11/11/09
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