Blackstone’s first job with the $36 billion HSBC Australia loan book: stop the bank’s wealthy clients from walking out of the door.
And with the deal yet to close, Blackstone’s already failing. The loan book has shed about $6 billion since HSBC and Blackstone agreed terms for the highly leveraged acquisition three months ago, thanks to an aggressive campaign from rival lenders to lure the underlying clients, sources with knowledge of the poaching told this column on the condition of anonymity.
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