StanChart CEO Said to Mull Spinning Out PE Unit to Managers
- Standard Chartered Private Equity said to manage $5 billion
- Bank’s principal finance unit posted losses in first half
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Standard Chartered Plc is considering spinning out its private-equity business to its managers, as Chief Executive Officer Bill Winters continues efforts to simplify the bank and reduce the amount of risk it takes, according to two people familiar with the matter.
The London-based lender may exit Standard Chartered Private Equity, or SCPE, as it faces tougher capital rules and losses from the unit, said the people, who asked not to be identified because no decision has been reached. The unit’s managers, led by Joseph Stevens, would take control of a business that oversees about $5 billion of assets, including stakes in a Nigerian bank and a Singaporean chain renowned for spicy noodles, said the people.