Standard Chartered said to sell $4.4bn of assets

Standard Chartered Shanghai Towers

Standard Chartered is seeking to sell at least $4.4bn of assets in Asia, people with knowledge of the matter said, as the bank pares its balance sheet after booking record impairments.

Bloomberg News reports that the bank is speaking with potential buyers for about $1.4bn of stressed loans extended to Indian companies including GMR Infrastructure, according to the people, who asked not to be identified as the information is private. Standard Chartered has also started a sale of around $3bn of assets in the rest of Asia, one of the people said.

“This is a positive move to show investors that the bank and Bill Winters are doing something to improve their operations and capital position,” Ronald Wan, chief executive at Partners Capital International in Hong Kong, said by phone Monday. "Investors have been concerned about StanChart’s asset quality in India and they are now showing efforts to resolve the problem loans there.”

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Standard Chartered Said Selling $4.4 Billion of Asian Assets

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