(4 December 2006 – USA) HSBC has snapped up the US$2.5 billion mortgage loan portfolio of US consumer finance outfit Champion Mortgage.Champion Mortgage uses the internet and direct mail to target what are typically non-prime customers across 26 states, although most of its business occurs in the northeast of the US.
According to HSBC, the loan portfolio consists of 30,000 mortgage customers, which will complement its consumer finance business in the US.
Champion Mortgage is a division of Ohio based KeyBank, one of the top 15 banks in the US. KeyBank was formed in 1994 and is owned by KeyCorp.