HSBC begins selling Australian retail banking loan portfolio

HSBC has started selling its retail banking business in Australia. The bank wants to sell its loan portfolio, which is worth around $26 billion, rather than the whole operation at once. HSBC also holds about $16 billion in deposits from Australian customers. The bank hired investment firm Citi to manage the sale. Possible buyers include large investment companies such as Apollo Global Management and Blackstone. National Australia Bank has also been named as a potential buyer. HSBC will keep its commercial and institutional banking in Australia. The sale is part of a global plan to cut costs by $1.5 billion each year and focus on key markets like Hong Kong, the UK, and Asia. HSBC used a similar approach when it left New Zealand.