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HSBC Holdings to sell 94% of Hungarian consumer finance portfolio

HSBC Holding on Monday said it agreed to sell 94% of its Hungarian consumer financial portfolio to the Hungarian branch of Cofidis, Dow Jones reported.

The transfer will take place through HSBC Holding's Hungarian unit HSBC Credit.

Gross assets in the portfolio were $27m at the end of Q3.

The sale is expected to be concluded in Q1 2012.

Cofidis has agreed to take over HSBC Credit employees involved in managing the portfolio.