Grupo Santander
On November 10, 2009, HSBC Finance Corporation announced an agreement with Santander Consumer USA Inc. (SC USA). SC USA would sell HSBC US auto loan processing operations, and US $1 billion in auto loan receivables (money due to be received) for US $904 million in cash. SC USA would also enter into a loan processing agreement for the remainder of its US auto loan portfolio. This portfolio is in liquidation (being sold to pay off a debt). The transaction is expected to close in the first quarter of 2010.