23rd Sep 2014 05:49
LONDON (Alliance News) - Standard Chartered PLC is holding advanced talks over the sale of its Hong Kong consumer finance arm to Pepper Australia Pty Ltd, Reuters reported on Tuesday.
Pepper and Hong Kong-based Chow Tai Fook Enterprises were the two top contenders to buy the PrimeCredit arm following two bidding rounds, Reuters said, citing people familiar with the deal. The sale could reach between USD500 million and USD700 million.
The sale is among the initial divestments Standard Chartered is making as it works to address the underperformance of its share price and difficulties in some of its markets, Reuters said.
http://uk.reuters.com/article/2014/09/23/uk-stanchart-m-a-hongkong-idUKKCN0HI06E20140923
By Sam Unsted; [email protected]; @SamUAtAlliance
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