LONDON (dpa-AFX) - Standard Chartered plc (SCBFF.PK, STAC.L, STAN.L) announced it has agreed terms for the spin out of its private equity business and a sale of the majority of its private equity investment portfolio to funds managed by ICG Strategic Equity, part of Intermediate Capital Group Plc. The portfolio is comprised of private equity investments in 35 companies across Southeast Asia, India, China, South Korea, the Middle East and Africa. The transaction is expected to complete in the first half of 2019.
Simon Cooper, CEO, Corporate, Commercial & Institutional Banking at the Group, said: 'The SCPE team has streamlined the Group's private equity business over the past few years, in line with our stated objectives. This transaction will see the Group exit the majority of its private equity exposure, and gives the Standard Chartered Private Equity team an opportunity to pursue an independent future with the backing of ICG Strategic Equity.'
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