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Compiled from staff and wire reports
Wednesday, November 11, 2009 at midnight
HSBC Finance Corp. said yesterday it is selling its U.S. auto loan servicing operations, including a facility in San Diego, to Santander Consumer USA.
Illinois-based HSBC said the majority of the 700 employees at the unit’s facilities in San Diego and Lewisville, Texas, will be offered the chance to transfer to Santander.
The $904 million sale also includes $1 billion in auto loan receivables. HSBC will retain $6.7 billion in auto loan receivables, which Santander will service. Read More