StanChart to take $160 million charge from private equity sale

The bank is expected to take a restructuring charge of about $160 million from the sale

Standard Chartered PLC (STAN.L) has agreed terms for the sale of its private equity division, ending a more than two-year effort to shed a business the bank no longer deemed central to its strategy.
 
StanChart will sell a majority of the private equity arm’s investment portfolio to funds managed by Intermediate Capital Group Plc (ICP.L), the bank said on Monday, a deal first reported by Reuters in August.
 
The bank said it expected to take a restructuring charge of about $160 million from the sale, but did not disclose the terms of the deal.