Standard Chartered’s Chief Financial Officer Andy Harold told Reuters last week that the bank has reached a provisional agreement to sell its real estate investment unit to private equity firm Actis. In November 2017, it was reported that the two companies were in talks over a possible sale of the business, with approximately $700 million in investments across Africa and Asia.
Speaking with Reuters, Harold explained that Actis was out fundraising to raise the funds expressing hopes for the process to close before too long.
The bank is also set to begin “active marketing” shortly of its private equity unit, which sits within the principal finance business and is also up for sale. According to Reuters, Halford added he hoped both businesses could be off the bank’s books by the end of the year.