Standard Chartered Said to Sell Buyout InvestmentsKiel Porter
Standard Chartered Plc, which started cutting jobs in its buyout unit last year, is planning to sell private-equity investments valued at about $500 million, said two people with knowledge of the situation.
The U.K. bank, which generates more than three-quarters of its earnings in Asia, will sell minority stakes in companies it owns including those in India, said the people, who asked not to be identified because the talks are private.
Last November, London-based Standard Chartered began cutting about 12 percent of the employees at Standard Chartered Private Equity to bring the headcount down to about 100, Bloomberg News previously reported.
A spokeswoman for Standard Chartered declined to comment.