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StanChart selling some units

Standard Chartered is nearing deals to sell roughly a half-dozen units in Europe, Asia and the Middle East, as part of an effort to combat an emerging markets slowdown and worries about the bank’s financial health. According to sources, the bank is in advanced talks to sell Standard Chartered Savings Bank and Standard Chartered Capital in South Korea. The bank is also preparing to make an announcement soon about having sold its Lebanese retail bank. It isn’t clear who the buyers for the South Korean or Lebanese units will be. Other businesses on the block include Standard Chartered’s Hong Kong consumer-finance outfit called PrimeCredit, its German consumer bank and its Swiss private bank. While the bank has headquarters in London, Standard Chartered generates 90% of its profit in Asia, the Middle East and Africa.

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