Standard Chartered has agreed to sell its Hong Kong consumer finance unit as part of efforts to boost its share price and appease investors worried that the former darling of emerging markets has lost its way.
A consortium led by a state-owned Chinese tourism operator and including Pepper, an Australian non-bank lender, and York Capital Management, the US hedge fund, will take over Hong Kong-based PrimeCredit, as well as Shenzhen PrimeCredit.
The deal is subject to regulatory approval and a price was not disclosed, although it is believed to be $600m–$700m.
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