StanChart in discussions to sell HK unit to Pepper Australia
Add BT as a preferred source[HONG KONG] Standard Chartered is in advanced talks to sell its Hong Kong consumer finance business to finance firm Pepper Australia Pty Ltd in a deal that could fetch between US$500 million and US$700 million, people familiar with the deal said here on Tuesday.
Standard Chartered is sharpening its focus on global corporate banking and high-net-worth clients. High-risk, unsecured lending to Asian consumers doesn't fit with its current outlook.
The sale of the Hong Kong consumer finance unit is among the initial few divestitures being pursued by Standard Chartered as it tries to address share price underperformance and difficulties in markets such as South Korea.
