Market Chatter: HSBC Yet to Inject Funds Into Private Credit Efforts

MT Newswires Live10:34

HSBC (HKG:0005) has yet to allocate around $4 billion to expand its asset manager's private credit funds, as it grapples with an expected $400 million loss from a defaulted loan, Bloomberg reported on Friday.

A spokesperson for the bank said it remains committed to the private lending business, while Chairman Brendan Nelson said earlier this month the bank remains broadly comfortable in the area of private credit, Bloomberg reported.

Still, the bank is yet to make material headway on the plans announced last year.

HSBC is conducting a review of a $400 million provision after Market Financial Solutions collapsed into a form of UK insolvency earlier this year.

The financial services firm had borrowed from Apollo Global Management's Atlas SP Partners, which HSBC funded.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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