Santander Completes Acquisition of HSBC’s Auto Loan Business
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.
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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