LONDON (dpa-AFX) - Standard Chartered Plc. (SCBFF.PK, STAC.L, STAN.L) is set to receive a $2.1 billion repayment in the next few weeks from Essar Global, the steel-to-power conglomerate that's been one of its most problematic borrowers in India, Bloomberg reported citing people familiar with the matter.
Standard Chartered may be able to write back around $100 million of provisions it made to cover potential losses on Essar Global loans, report said.
A repayment would show progress in the turnaround plan of Standard Chartered Chief Executive Officer Bill Winters, who has been shrinking the bank's balance sheet and tightening lending standards since taking his position last year.
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