31 August, 2010

HSBC sells US auto finance units to Santander

The British bank HSBC has completed its withdrawal from the U.S. auto finance market, selling its remaining businesses to Spanish bank Santander for about $3.56 billion. HSBC said on Tuesday that on top of the cash payment, Santander is assuming $431 million in debt. HSBC says the loan book was valued at $4.3 billion.