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Standard Chartered In Hong Kong Agrees To Offload Consumer Finance Arms
Tom Burroughes
17 December 2014
Standard Chartered Bank (Hong Kong) has agreed to sell its consumer finance subsidiaries, PrimeCredit Limited and Shenzhen PrimeCredit Limited to a consortium, the banking group announced yesterday. The consortium comprises China Travel Financial Holdings, Pepper Australia Pty and York Capital Management Global Advisors. The transaction is subject to conditions including regulatory approvals for the change of control of SZPC, a statement from Standard Chartered said. When the deal is complete, the consortium has agreed to sell a portfolio of PCL’s residential mortgages with a book value of approximately HKD5.900 billion ($760 million) to The Bank of East Asia, it added. , which is listed in the UK as well as Hong Kong and India, was told by the Bank of England that it had passed the central bank’s stress test on eight major UK banks, such as HSBC and Barclays.