Standard Chartered Plc. is looking to sell its Hong Kong subprime lending unit in a deal potentially worth more than US$500 million, the Wall Street Journal reported Wednesday, citing a person familiar with the situation. The move is part of a plan to divest non-core assets at the emerging markets-focused bank. Standard Chartered bought the business, called PrimeCredit, in 2004. It business generated after-tax profit of HK$251 (US$32 million) in the six months to June 30, up 5 percent from the previous corresponding period. Earlier, the UK-listed lender unveiled a surprise shakeup by combining its wholesale and consumer banking units.
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