StanChart may spin-out private equity unit, report says

StanChart may spin out its private equity unit to its managers as part of a broader move to reduce the risk profile of its business.

Faced with stricter capital rules and losses the lender may exit Standard Chartered Private Equity, Bloomberg reported.

Among the $5bn in assets managed by SCPE were a stake in Union Bank of Nigeria and a Singaporean maker of spicy noodles, Crystal Jade Culinary Concepts Holding Pte..

SCPE is housed within StanChart´s principal finance unit, which posted a $167m loss in the first six months of 2016, following $105m of losses in the backhalf of 2015.

As of 1202 BST shares in StanChart were off by 3.11% to 604.80p.