8 October 2013
HSBC SELLS PORTFOLIO OF NON-PERFORMING LOANS TO PARAGON
HSBC Bank plc, a wholly-owned subsidiary of HSBC Holdings plc ('HSBC'), has today sold a portfolio of non-performing personal unsecured and secured loans (the 'portfolio') to the Paragon Group of Companies PLC ('Paragon') for a total cash consideration of £13.5 million (approximately US$21.8m).
The portfolio is made up of loans from HFC Bank Limited, an indirectly wholly-owned subsidiary of HSBC that was put into run off in 2009.
Note to editors:
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,600 offices in 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,645bn at 30 June 2013, the HSBC Group is one of the world's largest banking and financial services organisations.
