Standard Chartered considers HK consumer finance unit sale -sources

HONG KONG/SINGAPORE Tue Feb 18, 2014 10:28pm EST

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HONG KONG/SINGAPORE Feb 19 (Reuters) - Standard Chartered Plc is seeking buyers for its Hong Kong consumer finance business, in a deal worth $500 million to $700 million, people familiar with the matter told Reuters on Wednesday.

The London-based bank is working with an advisor to sell PrimeCredit Ltd, which it acquired in 2004, via an auction likely to kick off in next few weeks, the people said.

The people declined to be identified as discussions are confidential.

"We don't comment on market speculation," a Hong Kong-based spokeswoman for Standard Chartered said in an email to Reuters.

Standard Chartered is also selling its South Korean consumer finance business and is planning to sell its Swiss private bank, Reuters previously reported.

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