A portfolio of secured loans has been sold by HSBC-owned HFC Bank Limited and its subsidiaries.

The portfolio had a gross asset value of approximately £383m as of 31 December 2012.

It has been sold to Sancopia Portfolios, a Luxembourg entity established by a consortium of investors led by CarVal Investors.

The agreement was entered into between HFC and HSBC Bank Plc, wholly-owned subsidiaries of HSBC Holdings Plc, and the purchaser.