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CORRECTED-HK's Sun Hung Kai taps 3 banks for consumer finance spinoff -sources
April 3, 2014 / 6:55 AM / 4 years ago

CORRECTED-HK's Sun Hung Kai taps 3 banks for consumer finance spinoff -sources

(Corrects the comment in the third paragraph as said by the company, not source)

HONG KONG, April 3 (Reuters) - Sun Hung Kai & Co Ltd has appointed three banks to underwrite the sale of its consumer finance division, people familiar with the matter told Reuters on Thursday.

The Hong Kong conglomerate chose JPMorgan Chase & Co, Morgan Stanley and UBS AG to run the sale, which is expected to value the business - United Asia Finance Ltd - at around $3 billion, the people said.

“The consideration of a potential separate listing of UAF remains at a preliminary stage,” the company said.

JPMorgan, Morgan Stanley and UBS declined to comment. (Reporting by Stephen Aldred; Additional reporting by Elzio Barreto and Yimou Lee; Editing by Michael Flaherty and Christopher Cushing)

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