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HSBC Finance Corp Enters Into Agreement To Sell Personal Unsecured Loan And Personal Homeowner Loan Portfolios To Springleaf Finance, Inc. And Newcastle Investment Corp's SpringCastle Acquisition LLC


Tuesday, 5 Mar 2013 08:45am EST 

HSBC Finance Corp announced HSBC Finance Corporation (HFC), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its Personal Unsecured Loan and Personal Homeowner Loan portfolios to SpringCastle Acquisition LLC (SpringCastle), a Delaware-based company owned by Springleaf Finance, Inc. ('Springleaf') and Newcastle Investment Corp. (Newcastle). The portfolios sale transaction is scheduled for completion in the second quarter of 2013. HFC has also entered into an agreement to sell its loan servicing facility and related assets in London, Kentucky ('the Facility') 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. The total consideration to be paid by SpringCastle and Springleaf is USD3.2 Billion in cash. 

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