Standard Chartered is close to selling its real estate principal finance business to private equity firm Actis, sources with knowledge of the matter told Reuters, as part of the bank`s decision last year to exit from the loss-making unit.
The real estate principal finance business, which is worth about $700 million and mainly spread across India, China, South Korea and Southeast Asia, will be spun off to Actis, including the people managing the investments in that unit, two sources said.
The sources declined to be named as they are not authorised to speak to the media.
A spokeswoman for Standard Chartered and a spokesman for Actis declined to comment.
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