Standard Chartered, scaling back after two years of lower profit amid slower growth in Asia, is looking to sell part of its remaining private-equity investments, said three people with knowledge of the matter.
Bloomberg News report that the bank is working with an adviser to sell the holdings, which include stakes in companies throughout Asia, the Middle East and North Africa, said the people, who asked not to be identified because the information is private. A sale could value the investments at about $1.5bn, two people said.
'We are mooting a modest portfolio transaction that involves potential investor clients', Standard Chartered said in an e-mail on Wednesday. 'We can’t comment further for reasons of client confidentiality'.
The bank said it isn’t planning to sell its entire private-equity business.
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