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Shinsei, Carlyle short-listed in StanChart HK unit sale -sources
May 23, 2014 / 9:06 AM / 3 years ago

Shinsei, Carlyle short-listed in StanChart HK unit sale -sources

HONG KONG/SINGAPORE, May 23 (Reuters) - Japan's Shinsei Bank Ltd and Carlyle Group are among suitors who have advanced to a final round of bidding for Standard Chartered's Hong Kong consumer finance unit, people familiar with the matter said.

The sale of PrimeCredit, which sources have previously said could fetch between $500 million and $700 million, is one of a number of asset sales planned by Standard Chartered. Like regional rivals, it is keen to shore up its main corporate banking business to better absorb a slowdown in economic growth and lending in emerging markets.

Other short-listed bidders include Chow Tai Fook Enterprises, a private company of Hong Kong's Cheng family, as well as non-bank lender Pepper Australia and United Asia Finance, a Hong Kong-based consumer finance firm, the people added. They declined to be identified as the sale process is confidential.

Final round bids are due next month, one of the people told Reuters.

Shinsei, Carlyle, Pepper Australia and Chow Tai Fook Enterprises declined comment. Representatives for United Asia Finance were not available for immediate comment. Standard Chartered also declined to comment. (Reporting by Denny Thomas and Saeed Azhar. Additional reporting by Taiga Uranaka in Tokyo, Stephen Aldred in Hong Kong and Jane Wardell in Sydney.; Editing by Edwina Gibbs)

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