Report: StanChart puts Hong Kong subprime unit on the block

|By:, SA News Editor

"In an animated sequence on its website, PrimeCredit entices borrowers with a suitcase spitting out golden dollar bills, surrounded by male characters whose heads are covered in white gloves. The scene ends with the lucky borrower hoisting a glass of Champagne amid party horns and streamers. Among the products on offer are personal loans up to 50,000 Hong Kong dollars that can be approved within 10 minutes," write the WSJ's Cynthia Koons and Enda Curran.

The sale would be the latest in a series of moves by Standard Chartered (SCBFF) to shed noncore assets, and the business could be valued at more than $500M.