Standard Chartered is kicking off a sale process for its loss-making private equity unit, according to people with knowledge of the matter.
Earlier this month, the bank sent so-called teaser documents on Standard Chartered Private Equity to gauge interest from potential suitors, including other buyout firms in Asia, said the people, who asked not to be identified because the process is private.
Bloomberg News reports that more detailed information about the unit, which manages about $3.5 billion in assets, is expected to be distributed to interested parties in the next few weeks, one of the people said.
The private equity unit was initially profitable but its fortunes started to turn in late 2015, partly because of the plunge in the price of oil. Former SCPE head Joseph Stevens left the bank in 2016 after failing to conclude a buyout deal, and Standard Chartered decided to seek an exit from most of the business by 2018.
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