HSBC Bank Polska sells Consumer Finance Portfolio to strenghten Commercial Banking Business

HSBC Bank Polska SA has agreed to sell its credit branded consumer finance portfolio and its credit card portfolio to Alior Bank SA.
The total consideration will be at a premium to the net book value of the receivables at the date of completion of the deal. The gross asset value of the two portfolios was US $350m at the end of July 2009.
Following the sale of its consumer finance portfolio, expected to be concluded in the fourth quarter of this year, HSBC Bank Polska will focus on growing its personal banking services and strengthening its commercial banking businesses, where its global reach offers significant advantages to companies involved in international trade.

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