U.K.-based Standard Chartered Plc is beginning a sale process of unit Standard Chartered Private Equity Ltd., Bloomberg News reported March 22, citing "people with knowledge of the matter."
The bank has sent so-called teaser documents on the unit to gauge interest from potential suitors, which included other buyout firms in Asia. It is expected to distribute more detailed information on the unit in the coming few weeks.
StanChart has been looking for ways to exit most of its PE business and was considering a management buyout of the unit. Those talks fell apart, however, leading to the departure of the head of the unit, Joseph Stevens, who was replaced by Nainesh Jaisingh, a senior executive at the division.
It remains possible that the management of the unit, in partnership with other companies, could still buy the unit's assets, according to the report.