Renowned non-bank lender PrimeCredit is reportedly seeking a sale in the midst of an ongoing outbreak that has undoubtedly hit its consumer base’s repayment outlook.
Founded in 1977, PrimeCredit focuses on credit to those that otherwise may not qualify for traditional bank lending. It extends loans to those that may lack the proper documents for income proof or take on riskier collateral unlikely to fall on bank balance sheets such as older property or village homes in the city.
The firm is now prepping for a potential sale with an eye on valuations of between $500 million and $1 billion, according to a «Bloomberg» report citing unnamed sources. Sales considerations are preliminary and assessment on outbreak impact will be required before a formal auction, sources added. The firm was acquired by a consortium from Standard Chartered in 2015 for a reported $600 million.
43-Year History
PrimeCredit has a storied 42-year profile, having ownership passed through a diverse series of financial services groups. It was first established by overseas Chinese group from Thailand before passing through the hands of a Malaysian conglomerate Berjaya Group, Standard Chartered and now a consortium involving Pepper Australia, China Travel Financial and York Capital Management.
Aside from a dominant market share in unsecured lending, PrimeCredit is also renowned in Hong Kong for its ad campaigns and mascots «PrimeCredit Brothers» – three characters with hand-shaped heads.
