HSBC Holdings PLC, a bank based in Britain has declared that it has got rid of all its units that caused it huge losses worth billions during the economic cataclysm as it confirmed the sell-off of its last unit auto finance commercial based in United States to the company based in Spain named Santander for a deal worth $3.56 billion.

In addition to the imbursement of the $3.56 billion made in cash, a debt of $431 million has also been reported to be presumed by Santander Consumer USA Inc. with the debt record of the company currently prized at $4.3 billion.

The procurement of Household International Inc. in the year 2002 in a deal worth $14 billion marked the beginning of the misery of HSBC though this takeover made HSBCUS’s largest subprime financier. With the money crunch intensifying all over the globe, HSBC incur damages worth billions as it got involved in various useless U.S. mortgages.

Last year, it had pronounced that it would no more facilitate consumer finances in that country and cut down the consumer loaning business within the year 2014.