(8 August 2006 – Australia) St George Bank has acquired the margin lending assets of HSBC.St George said the book had loan receivables of around A$420 million, which will increase its total margin loan book to A$2.5 billion.
HSBC clients will become St George margin lending customers immediately with the aim being to migrate them across by the middle of September.
St George group executive Paul Fegan said the bank considered margin lending as strategically important and was delighted to have a continuing relationship with HSBC for margin lending.
In June, HSBC sold its Australian online stockbroking business to E-Trade for US$51 million.
St George signed an agreement with E-Trade to provide the online stockbroking services it previously received from HSBC.