British lender Standard Chartered is, reportedly, planning to offload its Hong Kong-based PrimeCredit Business, which may yield in between $500m to $700m for the bank.
The divestment of the consumer finance operation, which was purchased in 2004, is part of Standard Chartered’s strategy to shrink non-core assets and concentrate on emerging markets.
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Sources familiar with the development were quoted by Reuters as saying that Standard Chartered is likely to launch an auction to divest PrimeCredit in the next few weeks.
Standard Chartered, which is close to finalise plans to sell its retail banking operation in Lebanon, unveiled an organisational restructuring last year and subsequently revealed plans to combine its wholesale and consumer banking operations.
Additionally, Standard Chartered is also looking to divest its Swiss private banking operation, after completion of a comprehensive review of its operations in the country.
Standard Chartered, which aims to garner major part of its profits from Asian, African and the Middle East markets, introduced a plan in November 2013 to dispose or quit many small peripheral businesses outside its core markets.
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