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Standard Chartered to offload Hong Kong consumer unit

Dec. 16, 2014 6:39 AM ETStandard Chartered PLC (SCDRF) StockSCBFF, SCDRFBy: Yoel Minkoff, SA News Editor
  • Standard Chartered (OTC:SCDRF, OTCPK:SCBFF) has agreed to sell its Hong Kong-based consumer finance business to a consortium that includes Pepper Australia Pty and York Capital Management, in a deal estimated between $600M-$700M, Reuters reports.
  • The sale of the unit, called PrimeCredit, comes as the bank tries to address share price underperformance and difficulties in markets such as South Korea.

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