Standard Chartered Said to Near $600 Million Private-Equity SaleKiel Porter and Dinesh Nair
Standard Chartered Plc, the London-based lender that generates most of its earnings in Asia, is close to selling private-equity investments valued at about $600 million, said three people with knowledge of the talks.
The bank has an agreement with an investor to sell a bundle of stakes its principal investments unit had taken in companies across Africa, Asia and the Middle East, said one of the people, who asked not to be identified because the talks are private and declined to disclose the buyer’s identity.
This is the second such transaction by Standard Chartered, which sold a $500 million portfolio to a group of investors led by Coller Capital Ltd. last year, two of the people said.
The division made investments valued at about $1 billion in 2014, while also selling parts of its portfolio as competition for assets by firms specializing in the secondary market for private-equity stakes drove up prices, one person said.
Spokesmen for Standard Chartered and Coller Capital declined to comment.