StanChart to take $160m charge from private equity sale
The company will sell a majority of the private equity arm’s investment portfolio to funds managed by Intermediate Capital Group
Standard Chartered has agreed terms for the sale of its private equity division, ending a more than two-year effort to shed a business the bank no longer deems central to its strategy. StanChart will sell a majority of the private equity arm’s investment portfolio to funds managed by Intermediate Capital Group (ICG), the bank said on Monday. The bank said it expects to take a restructuring charge of about $160m from the sale, but did not disclose the terms of the deal. The main real estate assets in the portfolio are worth about $700m, Reuters previously reported. The assets ICG is buying from StanChart will be directly managed by Affirma Capital, a newly formed company consisting of the former Standard Chartered private equity team. The disposal follows StanChart’s decision in late 2016 to exit the principal finance business, which invests the bank’s and its clients’ money, as part of a broader strategic shift by CEO Bill Winters to focus more on corporate and individual customers....
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