Deals
StanChart’s Buyout Fund Retreat Explained Through One Soured Bet
- Firm’s board said to approve plan to sell $5 billion PE unit
- Stake in Nigeria’s Seven Energy shows risks bank aims to avoid
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Bill Winters is questioning whether a private-equity arm fits his vision for a simpler and safer Standard Chartered Plc. An investment in a Nigerian energy firm shows why.
The chief executive officer and his board last month discussed the potential sale of Standard Chartered Private Equity to its managers, according to people familiar with the matter who requested anonymity as the talks aren’t public. The bank is leaning toward spinning off the unit, said one of the people, while the other said a range of options to scale back are being considered. SCPE, run by Joseph Stevens, manages $5 billion and has about 80 investments across Africa and Asia.