HSBC is finalising a deal to sell its $30 billion-plus Australian loan book to Blackstone's private credit division, marking the US firm's entry into Australia's home-lending market.

The transaction, nearing completion days before HSBC's interim results announcement on August 4, involves the same Blackstone unit that orchestrated a $10 billion financing deal for Oliver Curtis' Firmus.This move positions Blackstone to capitalise on Australia's growing home-loan market, which has seen increased demand amid economic shifts.The deal underscores HSBC's strategic pivot away from retail banking in Australia, focusing instead on core business segments.

Industry analysts note that the sale reflects broader trends in global banking, where institutions are divesting non-core assets to concentrate on high-margin areas.The transaction's timing, coinciding with HSBC's financial reporting cycle, highlights its significance as a key revenue stream.

While the exact terms remain undisclosed, the deal is expected to generate substantial returns for HSBC, allowing it to reinvest in its global operations.Blackstone's involvement signals confidence in Australia's property market, despite macroeconomic uncertainties.

This acquisition also raises questions about competition in the Australian home-loan sector, with potential implications for borrowers and lenders alike.