The owner’s of Hong Kong based Sun Hung Kai Financial are currently exploring opportunities for a sale of the company, according to reports in the Financial Times.
Two local independent banks, Wing Hang and Chong Hing, are potential suitors for the wealth management business, the paper cited.
The wealth management and brokerage business, valued at approximately $300-400 million (£187 – £249 million)by bankers familiar with the company, has been hit by increasing regulatory pressures and competition in Hong Kong’s wealth management industry.
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Traditionally the business specialised in initial public offerings to private clients and helping individuals to invest in the Hong Kong stock market.
Lately it has moved its business increasingly into wealth management and private equity deal activities to escape competition from mainland Chinese businesses.
According to reports the business has not been put into a formal sales process but the owners are sounding out potential buyers.
In a statement Sun Hung Kai Financial said it: "Continually explores opportunities to expand our various businesses and will, from time to time, hold discussions with various third parties which may or may not lead to a specific business outcome."
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By GlobalDataSun Hung Kai Financial has no affiliation with the troubled Sun Hung Kai Property business whose owners, the Kwok Brothers, are facing charges of corruption.
