Blackstone Inc.’s private credit division is set to purchase HSBC Holdings Plc’s Australian loan book, according to the Australian Financial Review. The transaction would mark Blackstone’s first major move into Australia’s home‑lending market through its credit arm.

HSBC is preparing to offload a portfolio exceeding A$30 billion (about $21 billion) in Australian mortgages and other loans. The deal values the book at a premium reflective of the strong performance of the local housing sector.

Analysts say the acquisition would give Blackstone a sizable foothold in a market dominated by the big four banks, while providing HSBC with capital to redeploy elsewhere. The move also highlights growing interest from private‑credit firms in niche, high‑quality loan books.

Neither party has disclosed the exact purchase price or timing, but sources close to the talks indicate that regulatory approvals are expected within the next quarter. If completed, the deal would be one of the largest private‑credit transactions in Australia this year.

The deal could spur further consolidation among non‑bank lenders and encourage other global credit investors to look at Australian assets. It also underscores the shift of traditional banks toward divesting non‑core portfolios to focus on wealth and investment banking.