Sun Hung Kai & Co picks 3 banks to sell consumer finance unit

PUBLISHED : Thursday, 03 April, 2014, 4:14pm
UPDATED : Thursday, 03 April, 2014, 4:14pm

Sun Hung Kai & Co has appointed three banks to underwrite the sale of its consumer finance division, people familiar with the matter said on Thursday.

The Hong Kong conglomerate chose JPMorgan Chase, Morgan Stanley and UBS to run the sale, which is expected to value the business – United Asia Finance – at about US$3 billion, the people said.

SHK & Co acquired UAF in 2006.

“The consideration of a potential separate listing of UAF remains at a preliminary stage,” the company said.

JPMorgan, Morgan Stanley and UBS declined to comment.