HSBC Holdings PLC, a UK-based provider of banking and financial services, has sold its remaining U.S. consumer auto finance business for $3.56 billion in cash to Santander Consumer USA Inc.

As part of the deal, Santander will assume approximately $431 million of debt, HSBC said. The auto loan portfolio acquired by Santander was valued at $4.3 billion.

Santander previously acquired HSBC's auto finance loan servicing platform and $1 billion in loan receivables in March 2010.

 

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