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StanChart to spin out its private equity business

StanChart to spin out its private equity business
A Standard Chartered sign is seen outside of a building, with a branch of the bank, in Jakarta, Indonesia September 28, 2016. REUTERS/Darren Whiteside -
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Darren Whiteside(Reuters)
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(Reuters) – Standard Chartered PLC <STAN.L> will separate its private equity business and sell a majority of the arm’s investment portfolio to funds managed by Intermediate Capital Group Plc <ICP.L>, the bank said on Monday.

The bank expects to take a restructuring charge of about $160 million due to the spinout and the sale.

Standard Chartered said the terms of the agreement were confidential and that the transaction is expected to complete in the first half of 2019.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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