HSBC Holdings has agreed to sell its $25 billion Australian housing and personal loan portfolio to private equity firm Blackstone Group. The UK-based bank will continue to reshape its business and focus on its core market. HSBC said on Friday that Virgo BidCo will acquire the loan portfolio. Virgo BidCo is an entity wholly owned by a fund managed by a Blackstone Group subsidiary. HSBC said it will gradually end its remaining retail business in Australia within the next 18 months. The bank's corporate and institutional banking, asset management and private banking operations in Australia will be consolidated into its Sydney branch. The British bank is expected to incur $300 million in related restructuring costs and write-offs.

HSBC Holdings has agreed to sell its $25 billion Australian housing and personal loan portfolio to private equity firm Blackstone Group. The UK-based bank will continue to reshape its business and focus on its core market. HSBC said on Friday that Virgo BidCo will acquire the loan portfolio. Virgo BidCo is an entity wholly owned by a fund managed by a Blackstone Group subsidiary. HSBC said it will gradually end its remaining retail business in Australia within the next 18 months. The bank's corporate and institutional banking, asset management and private banking operations in Australia will be consolidated into its Sydney branch. The British bank is expected to incur $300 million in related restructuring costs and write-offs.