Private equity firms Bain Capital and Carlyle Group are among first round bidders for Standard Chartered's Hong Kong consumer finance unit, a business valued at up to $700 million, people familiar with the matter said. Orix Corp, one of Japan's largest financial services conglomerates, and some Chinese non-bank finance companies also placed offers this week, they added.A short-list of bidders is expected in the next few weeks, the people said, declining to be identified as the bidding process is confidential.The sale of PrimeCredit is expected to be the first of several sales of non-core businesses by Standard Chartered as it seeks to boost shareholder returns and braces for slower profit growth after a decade of earnings expansion that ended in 2013.Sources have previously said the deal could fetch between $500 million and $700 million, earning a tidy profit for the Asia-focused lender as it bought PrimeCredit a decade ago for $126 million. PrimeCredit specialises in high-interest loans for consumers with little credit history.
ORIX CORPORATION is a financial company. The Corporate Financial Service segment is engaged in financing, leasing and financial instrument selling. Shares of IX traded higher by 4.59% or $3.04/share to $69.29. In the past year, the shares have traded as low as $60.84 and as high as $92.35. On average, 24406 shares of IX exchange hands on a given day and today's volume is recorded at 15117.
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