omniture

CTS, Pepper and York Consortium Reaches Agreement to Acquire the Hong Kong and Shenzhen Consumer Finance Businesses of Standard Chartered

Pepper Australia Pty Limited
2014-12-16 14:33 4393

HONG KONG, Dec. 16, 2014 /PRNewswire/ -- An international consortium led by China Travel Financial Holdings Co., Limited ("CTS") as majority investor, together with Pepper Australia Pty Limited ("Pepper") and York Capital Management Global Advisors, LLC  ("York") has entered into agreements with Standard Chartered Bank (Hong Kong) Limited to purchase its consumer finance subsidiaries, PrimeCredit Limited and Shenzhen PrimeCredit Limited. The transaction is subject to certain conditions including regulatory approvals for the change of control of Shenzhen PrimeCredit Limited.  Upon completion of the acquisition of PrimeCredit Limited, the consortium has also agreed to sell a portfolio of PrimeCredit Limited's residential mortgages with a book value of approximately HKD5,900 million to The Bank of East Asia, Limited. The CTS, Pepper and York consortium was jointly advised by Goldman Sachs and Citigroup.

Source: Pepper Australia Pty Limited
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