November 30, 2017 / 1:56 AM / a year ago

Hong Kong's Bank of East Asia to sell $138 mln consumer finance businesses

HONG KONG, Nov 30 (Reuters) - Hong Kong-based Bank of East Asia Ltd said it would sell certain consumer finance businesses in China and Hong Kong to a money-lending arm of China Financial Services Holdings Ltd for an aggregate HK$1.08 billion ($138.30 million).

The bank will sell its two licensed micro-finance loan firms in Shenzhen and Chongqing as well as a business consultancy services provider in Chongqing to QL Finance Co Ltd for 563.4 million yuan ($85.25 million), in a deal subject to Chinese regulatory approval, it said in a filing late on Wednesday.

Bank of East Asia said it would also sell elements of its Hong Kong loan portfolio to QL Finance for HK$414.2 million.

In a separate statement, China Financial said the deal would double its loan portfolio in Hong Kong, and expand its business into top-tier Chinese cities Shenzhen and Chongqing. ($1 = 6.6091 Chinese yuan renminbi) ($1 = 7.8092 Hong Kong dollars) (Reporting by Donny Kwok)

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