Connect with us

Hi, what are you looking for?

News

StanChart to sell Hong Kong unit

2news4Standard Chartered Bank is selling its Hong Kong consumer finance unit. The bank wants to boost its share price and comfort investors. A consortium led by a state-owned Chinese tourism operator and including Pepper, an Australian non-bank lender, and York Capital Management, the US hedge fund, will take over PrimeCredit, based in Hong Kong and Shenzhen. The deal is subject to regulatory approval and a price was not disclosed, although it is believed to be $600 million–$700 million. StanChart’s shares have lost a third of their value this year – underperforming European peers, with the FTSE Eurofirst banks index down 6%. The proposal to sell the unit was first mooted in February, shortly after Peter Sands, the chief executive, outlined a new approach to business viability based on five filters including growth, returns, dividend capacity, network and strategic value.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.