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Bain Capital, Carlyle in bidding for $700m Standard Chartered Hong Kong finance unit

17 Apr 2014

building_office_glassGlobal buyout giants Bain Capital and Carlyle are reportedly among the first round bidders for the Hong Kong consumer finance unit of Standard Chartered, which could be valued at up to $700m.

Japanese financial conglomerate Orix Corp and some Chinese non-bank finance companies have also placed bids according to Reuters, which cited people familiar with the matter.

Standard Chartered bought Prime Credit for just $126m a decade ago. The business provides high-interest loans for consumers with little or no credit history.

Last November it emerged that Standard Chartered was to trim its private equity division by cutting its staff numbers by around 12 per cent.

Standard Chartered Private Equity has operations in Africa, the Middle East and Asia, and has invested almost $4bn to date in mid- to late-stage companies across a range of industries.

The firm’s Asia team will see the majority of losses, according to a Bloomberg report, resulting in a total workforce of around 100.

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