Standard Chartered Plc CFO Andy Halford said the British lender reached a provisional agreement with U.K.-based private equity firm Actis LLP over the sale of StanChart's real estate investment unit, Reuters reported March 7.
"We've reached provisional agreement with them, they're out fundraising to raise the funds and hopefully that will close before too long," Reuters quoted Halford as saying.
Halford also said StanChart is set to begin "active marketing" of its private equity subsidiary soon, adding that he hoped both businesses would be sold by the end of 2018.
StanChart's real estate investment unit holds roughly $700 million in investments in Asia and Africa, Reuters said.
