Specialty mortgage lender Pepper Australia is in advanced talks to acquire Standard Chartered’s consumer finance unit in Hong Kong.
Expected to fetch an amount ranging between $500m to $700m, the deal is among the initial few divestures taken up by Standard Chartered to address share price underperformance issues and difficulties in markets such as South Korea.
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At present, Standard Chartered is mainly focusing on global corporate banking and high-net-worth (HNW) clients.
If the deal materializes, Pepper is expected to seek the help of Bank of East Asia to operate the business.
This will be achieved by transferring PrimeCredit’s mortgage book to the Hong Kong bank.
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