Santander Buys HSBC U.S. Auto Finance Units for $3.56 Billion

HSBC Holdings (HBC) sold its last U.S. auto finance units to Spain's Santander (SA) for about $3.56 billion.

Santander Consumer USA is also assuming $431 million in debt, The Associated Press reported. The Spanish bank is acquiring a loan book valued at $4.3 billion.

In March, Santander acquired auto finance loan receivables worth $1 billion from the British bank.

HSBC is in the process of winding down its consumer lending business in the United States, after writing off billions of dollars worth of U.S. loans during the financial crisis. The bank lost $74 million before tax in the United States in the first half of this year.