Aug 10, 2026 – 5.00amThe chief executive of HSBC in Australia, Steve Hughes, says the global board’s decision to walk away from its Australian retail bank will allow it to expand its corporate and institutional operations and target top companies.A week after announcing the sale of its $36 billion mortgage and personal loan book to private equity giant Blackstone – the plan to exit $17 billion of retail deposits has not been finalised – Hughes said the withdrawal from retail was driven by head office’s desire to focus on areas where it could win over business units in particular countries.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
HSBC sets sights on corporate mega-deals after retail exit
Now that its mortgage book has been hived off to Blackstone, the chief executive of the multinational bank in Australia says it will target the top end of town.
TL;DRAI
HSBC Australia sells $36 billion mortgage book to Blackstone, exiting $17B retail deposits for corporate banking focus. This reflects broader consolidation: PE absorbs mass-market retail while big banks pivot tech stacks toward higher-margin B2B enterprise operations.
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