Non-bank lender buys HSBC's home loan book
Pepper Money has entered into an agreement to buy HSBC's $1.4 billion New Zealand home loan book.
Friday, September 1st 2023, 12:50PM
The ASX-listed non-bank lender says it will pay for the book through a combination of senior and mezzanine funding.
The portfolio being acquired is prime, seasoned and well-performing portfolio it says in a statement to the ASX.
Pepper Money has been servicing mortgages in New Zealand since 2011 when it acquired GE Capital's Australasian and New Zealand home lending business. Since then Pepper has continued to grow its presence in the market with the establishment of an end-to-end mortgage platform and a nationwide rollout of a full suite of residential home loans including prime, near prime and specialist loans.
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