-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VZj/6RaS7GfHDd5WGjXoioit5YidU8J1sq8Jx+40NuVb6AHK2bFtkHc2QlBK41B6 9Tu5JfSGZ95rTTD3ZV6OZg== 0000354964-09-000111.txt : 20091110 0000354964-09-000111.hdr.sgml : 20091110 20091110122235 ACCESSION NUMBER: 0000354964-09-000111 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091110 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091110 DATE AS OF CHANGE: 20091110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HSBC Finance Corp CENTRAL INDEX KEY: 0000354964 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 861052062 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08198 FILM NUMBER: 091171018 BUSINESS ADDRESS: STREET 1: 224-544-2000 STREET 2: 26525 N. RIVERWOODS BLVD. CITY: METTAWA STATE: IL ZIP: 60045 BUSINESS PHONE: 224-544-2000 MAIL ADDRESS: STREET 1: 26525 N. RIVERWOODS BLVD. CITY: METTAWA STATE: IL ZIP: 60045 FORMER COMPANY: FORMER CONFORMED NAME: HSBC Finance CORP DATE OF NAME CHANGE: 20041215 FORMER COMPANY: FORMER CONFORMED NAME: HOUSEHOLD INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 8-K 1 hbio8kpressrel-111009.htm ITEM 7.01 AND 9.01

_____________________________________________________________________________

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 10, 2009

 

Commission file number 1-8198

 

HSBC FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware
(State of incorporation)

 

86-1052062
(IRS Employer Identification Number)

26525 North Riverwoods Blvd., Mettawa, Illinois
(Address of principal executive offices)

60045
(Zip Code)

 

 

Registrant's telephone number, including area code (224) 544-2000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 7.01. Regulation FD Disclosure.

___________________________________________________________________________

On November 10, 2009, HSBC Finance Corporation (“HSBC”) issued a press release to announce its auto finance entities have reached an agreement with Santander Consumer USA Inc. to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation. A copy of the press release is included in this Form 8-K as Exhibit 99.1.

 

This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

___________________________________________________________________________

(d)

Exhibits.

 

 

 

Exhibit No.

Description

 

99.1

Copy of HSBC Finance Corporation press release issued on

November 10, 2009.

 

 

2

 

Signatures

___________________________________________________________________________

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 hereunto duly authorized.

 

HSBC FINANCE CORPORATION
(Registrant)

 

 

By: /s/ Mick Forde

 

Mick Forde

Senior Vice President, General Counsel – Treasury

and Assistant Secretary

 

 

Dated: November 10, 2009

 

 

Exhibit Index

___________________________________________________________________________

 

Exhibit No.

Description

 

 

99.1

Copy of HSBC Finance Corporation press release issued on

November 10, 2009.

 

 

3

 

 

 EX-99 2 pressrel8k_111009.htm EXHIBIT 99.1 - PRESS RELEASE

Exhibit 99.1

 


 

HSBC Finance, Santander Consumer in Agreement

on HSBC's US Auto Business

• HSBC to sell auto finance loan servicing platform for $4 million

• Santander to acquire US $1 billion in loan receivables for $900 million

• Santander to service HSBC's remaining auto finance portfolio

 

METTAWA, Ill. -- HSBC Finance Corporation has announced its auto finance entities have reached an agreement with Santander Consumer USA Inc. (SC USA) to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation. The transaction is expected to close in the first quarter of 2010.

 

At June 30, 2009, HSBC Finance’s auto finance business had $7.7 billion in managed receivables which it serviced for itself and for auto loans of HSBC Bank USA, N.A. Under the terms of the sale, HSBC’s auto loan servicing facilities in San Diego, CA, and Lewisville, TX, will be assigned to SC USA and the majority of the 700 employees from those locations will be offered the opportunity to transfer to SC USA beginning in the first quarter of 2010. SC USA will provide servicing for the auto loans it purchases, as well as for the remaining HSBC auto loan portfolio.

 

“This agreement is an important step in our continuing efforts to proactively reduce the HSBC Finance portfolio, and at the same time offer opportunities for our employees with a Company which has demonstrated a longer term commitment to the auto finance business,” said Niall Booker, CEO of HSBC Finance Corporation. “We would like to thank the Auto Finance team for significant contributions the business has made over the years to both the industry and to HSBC and, in particular, for their dedication and professionalism in servicing our customers during these challenging economic times.”

 

About HSBC Finance Corporation

HSBC Finance Corporation, through its subsidiaries, provides credit cards and private label credit cards, taxpayer financial services and specialty insurance products as well as servicing of real estate secured and unsecured loans. HSBC Finance is a subsidiary of HSBC North America Holdings Inc., one of the top ten financial services companies in the United States.

 

About Santander Consumer USA Inc. (SC USA)

Santander Consumer USA is a leading company in the automotive finance sector, whose core business is indirect, direct and third-party originations and servicing of auto loans. With its Drive® (www.drivefinancial.com), Santander Auto Finance (www.santanderauto.com) and RoadLoans® (www.roadloans.com) brands, SC USA’s finance programs cover the entire non-prime spectrum. The company began originating loans in 1997, and is headquartered in Dallas. The company is owned by Banco Santander (NYSE: STD), a leading international commercial and retail bank with 91 million customers served by nearly 14,000 branches in its main markets.

######

 

Media Inquiries

 

Cindy Savio

HSBC – North America

224-544-3313

cindy.d.savio@us.hsbc.com

 

 

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