Foreign business news in brief

SYDNEY: AMP Ltd has agreed to sell A$2.8bil in residential mortgages and property finance loan assets in Australia and New Zealand, as part of the ongoing restructure of its AMP Banking business. 

AMP said in a statement it would sell its A$1.6bil New Zealand residential mortgage portfolio to HSBC. 

HSBC will also accept AMP Banking's A$355mil retail deposit portfolio in New Zealand, subject to customer approval, and sign a management and funding deal with AMP over a further A$135mil in mortgages. 

Meanwhile, GE Commercial Finance will buy A$1.25bil in property finance loan assets located in Australia and New Zealand. – AFX 

LONDON: British Airways plc has ruled out selling its £300mil stake in Australian airline Qantas as chief executive Rod Eddington is believed to view it as a core asset, The Daily Telegraph reported citing a BA spokesman. 

BA's share price slide in recent months has heightened speculation – particularly in Australia – that it was preparing a sale of the 17% stake to a trade buyer. – AFX 

TOKYO: Japanese consumer electronics giant Matsushita said yesterday it may drop its National brand overseas in favour of its better known Panasonic label. 

“We are thinking about doing this at the moment,” said Mastushita Electric Industrial Co Ltd spokesman Testuo Egawa. “A single brand is better than two and only about 10% of goods sold in foreign markets carry the National label.” – AFX 

SYDNEY: Foster's Group Ltd said yesterday its Carlton and United Breweries (CUB) unit expects to deliver efficiency gains of up to A$100mil in the next five years although it will incur a A$150mil one-off charge for restructuring. – AFX  

For more foreign business news click here

AMP said in a statement it would sell its A$1.6bil New Zealand residential mortgage portfolio to HSBC.