14th Apr 2014 05:33
LONDON (Alliance News) - Orix Corp., Japan-based Financial services group, is considering bidding for Asia-focused lender Standard Chartered PLC.'s consumer credit unit in Hong Kong, Bloomberg reported citing two people familiar matter.
Orix may seek to team up with another investor to acquire PrimeCredit Ltd. Standard Chartered wants to sell the unit for about USD700 million, almost three times book value, and plans to compile a shortlist of potential bidders this month, the report said quoting the people.
Standard Chartered said last month that the company may sell the unit, as the UK bank cuts costs and pares operations where it doesn't have sufficient scale.
In early January, Standard Chartered had announced reorganization of its Wholesale Banking and Consumer Banking businesses. The Group had also implemented a simplified structure of eight geographic regions to enable greater efficiency and effectiveness.
Copyright RTT News/dpa-AFX
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