Credit Corp Group to Acquire HSBC Bank Australia's Credit Card Run-Off Book

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Credit Corp Group to Acquire HSBC Bank Australia's Credit Card Run-Off Book

MT Newswires Live09:44

Credit Corp Group (ASX:CCP) signed a binding agreement with HSBC Bank Australia to acquire its Australian credit card run-off book, subject to regulatory approval, according to a Friday Australian bourse filing.

The consideration is expected to be around AU$150 million, and the deal is expected to complete early in 2027 after HSBC undertakes a process of deactivating the credit cards on issue.

Credit Corp revised its fiscal 2027 net profit after tax guidance to between AU$112 million and AU$120 million from between AU$110 million and AU$118 million, as well as that for its earnings per share to between AU$1.64 per share and AU$1.76 per share from between AU$1.61 per share and AU$1.73 per share.

Its shares were up 1% in recent trading on Friday.

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