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)