(Adds dropped word “Fook” in company name in headline)
HONG KONG, June 17 (Reuters) - Property-to-jewellery conglomerate Chow Tai Fook Enterprises, controlled by the family of tycoon Cheng Yu-tung, has bid for Standard Chartered’s Hong Kong consumer finance unit PrimeCredit, a director of the privately owned company said on Tuesday.
“It is still in the bidding process,” Henry Cheng, a director of the conglomerate and chairman of Chow Tai Fook Jewellery Group told reporters.
“It is an investment of the private company and is not related to the listed firm. It will not affect the financial strength of Chow Tai Fook Jewellery,” Cheng said. He made no further comment.
Japan’s Shinsei Bank Ltd and Carlyle Group are among suitors who have advanced to a final round of bidding for PrimeCredit, people familiar with the matter said last month.
Other shortlisted bidders include non-bank lender Pepper Australia, United Asia Finance, a Hong Kong-based consumer finance firm, and Chow Tai Fook Enterprises, the people added.
The Cheng family also owns Chow Tai Fook Jewellery, the world’s largest jewellery retailer by stock market value, which on Tuesday posted a 32 percent jump in profit for the year ended March. (Reporting by Donny Kwok; Editing by David Holmes)