Global banking group HSBC Holdings has acquired the US-based mortgage loan portfolio of Champion Mortgage, a division of KeyCorp, through its wholly-owned subsidiary HSBC Finance Corporation, for an undisclosed price.
The portfolio contains mortgages for 30,000 customers and holds a gross asset balance of approximately $2.5 billion as of August 30, 2006.
Tom Detelich, president of the consumer lending division of HSBC Finance Corporation (HFC,) said: Champion’s loan portfolio is a very good fit for HSBC’s consumer lending business; these are customers we know how to serve well. Our HFC and Beneficial branches are well positioned to serve Champion’s customers locally, as they are based in many of the same neighborhoods. Our aim will be to provide them with the right loan solutions as their financial needs change.
HSBC’s consumer lending business operates under HFC and Beneficial names in the US, with over 1,350 branches across 46 states.