FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of February, 2007
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
HSBC TO SELL AMP BANK-ORIGINATED MORTGAGES
HSBC New Zealand is negotiating the sale of its AMP Bank-originated residential
mortgage book to Kiwibank Limited in order to focus on customers with
international as well as local financial needs.
Kiwibank and HSBC have entered into a non-binding agreement to negotiate the
sale which is expected to be at a slight premium to book. The portfolio
comprises approximately 5,900 customer accounts with a total book value of
NZ$720 million (approximately US$496.8 million) at 18 January 2007.
HSBC New Zealand will retain the majority of its residential home loan portfolio
- a book of NZ$1.575 billion in loans that were largely originated by HSBC.
Norman Wilson, chief executive officer of HSBC in New Zealand, said: "It is our
intention to focus our business on those customers whom we are best placed to
serve. In large part, these customers have international interests and need the
unique support HSBC can offer.
"Kiwibank is growing its market share in New Zealand and is well placed to
provide the customers who came to HSBC through AMP with the quality of products
and support to which they are accustomed. HSBC will work with Kiwibank in the
future, using our presence worldwide to help it access global capital markets.
"The AMP portfolio has helped us build our profile in New Zealand. We continue
to be committed to our remaining mortgage business, which has increased over 40
per cent since 2002 and the majority of which was acquired through direct
relationships with customers. We intend to continue to grow our own mortgage
business."
The transaction is subject to regulatory approval and agreeing final terms and
conditions.
1. The HSBC Group in New Zealand
In New Zealand, the HSBC Group offers an extensive range of financial services
through a network of seven branches and offices. These services include personal
and commercial financial services, trade finance, treasury and financial
markets, corporate banking, investment advisory and securities custody. The
principal HSBC Group member in New Zealand is The Hongkong and Shanghai Banking
Corporation Limited.
2. The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding and a
principal member of the HSBC Group which, with around 9,500 offices in 81
countries and territories and assets of US$1,738 billion at 30 June 2006, is one
of the world's largest banking and financial services organisations.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 15 February 2007