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HSBC to acquire corporate banking and trade finance business of State Street Bank in Australia
5 June 2002
HSBC Bank Australia Limited is to acquire the corporate banking and trade finance business of State Street Bank and Trust Company’s Global Trade Banking Australia business for a A$2.3 million cash premium, which will be funded from the bank’s own capital.
The acquisition includes corporate net assets of about A$146 million and a further A$242 million in undrawn credit lines, the majority of which are trade finance related. The acquisition does not involve the purchase of a legal entity.
Tim Slater, Head of Corporate Banking, said: "This acquisition fits logically with our strategy of growing our share of Australia’s upper and middle market commercial business. State Street has established a high quality portfolio and HSBC is exceptionally well placed, through our local presence in 81 countries and territories, to meet the needs of companies involved in international trade and to leverage future growth."
The transfer of business is expected to take place on 1 July 2002.
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