Pepper Money to Be Appointed Servicer of Home, Personal Loans Portfolio to Be Acquired by Blackstone-Affiliated Entity
Pepper Money (ASX:PPM) entered into binding arrangements under which it will be appointed servicer of a portfolio of Australian home loans and personal loans after a proposed acquisition of that portfolio by an entity wholly owned by funds managed by affiliates of Blackstone, according to a Friday Australian bourse filing.The portfolio of loans was originated by HSBC Bank Australia. The portfolio has a total book value of approximately AU$36 billion as of March 31.Pepper Money will act as servicer for the ongoing administration and management of the loans following completion, which is expected to occur in the first half of 2027, subject to satisfaction of the conditions precedent and the relevant parties being operationally ready to implement the migration at completion.
