HSBC Starts to Sell $7 Billion of French Mortgages Amid Revamp
- Restructuring plans may save around $3 billion in coming years
- French mortgage sale to be treated as ‘material notable item’
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HSBC Holdings Plc kicked off the sale of its French mortgages portfolio, which is equivalent to about $7 billion, as the lender pushes ahead with its worldwide restructuring plan.
The transaction is in “active marketing” and could cause the lender to record a loss of about $1 billion, HSBC said in its full-year earnings presentation Wednesday. The transaction will be “treated as a material notable item for the purposes of the dividend payout ratio,” it said.