HONG KONG/SINGAPORE May 23 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
Final round bids are due next month, one of the people told
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)