LONDON (Reuters) - Standard Chartered (STAN.L) has reached a provisional agreement to sell its real estate investment unit to private equity firm Actis, the bank’s Chief Financial Officer Andy Halford told Reuters on Wednesday.
Reuters reported last November the two companies were in talks over a possible sale of the business, which has around $700 million in investments across Asia and Africa.
“We’ve reached provisional agreement with them, they’re out fundraising to raise the funds and hopefully that will close before too long,” said Halford.
A spokesman for Actis declined to comment.
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, Halford said.
Halford added he hoped both businesses could be off the bank’s books by the end of the year.
Reporting By Lawrence White and Emma Rumney, Editing by Silvia Aloisi