Standard Chartered to Ditch Private Equity Unit?

Bill Winters, CEO of Standard Chartered

Bill Winters, CEO of Standard Chartered

British bank Standard Chartered is said to be considering the disposal of its Private Equity business.

Since taking control, Chief Executive Officer Bill Winters has been focused on re-aligning his management team and simplifying the operating structure of Standard Chartered, in which Singapore Government wealth fund Temasek is the largest shareholder with an 18 percent stake,

Now, according to a report from financial news agency «Bloomberg» the bank is said to be considering the sale of its Private Equity (PE) business which manages in Asia $5 billion of assets, to the PE business managers.

Early in his tenure Winters said he wanted a strong, lean and well capitalised bank. To this end the bank has also been aggressively investing in financial technology in an effort to automate basic functions, create efficiencies and cut costs.

The PE unit's recent investment includes $52 million in Singapore-based restaurant chain Crystal Jade Culinary Concepts and a wholesaler and retailer of branded food Phoon Huat

 

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