StanChart to spin out its private equity business
(Reuters) - Standard Chartered PLC will separate its private equity business and sell a majority of the arm's investment portfolio to funds managed by Intermediate Capital Group Plc, the bank said on Monday.
The bank expects to take a restructuring charge of about $160 million due to the spinout and the sale. [nRSQ6632Ka]
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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