Arab Today, arab today temasek \seeks to sell\ standard chartered
Last Updated : GMT 21:26:01
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Arab Today, arab today

Temasek \'seeks to sell\' Standard Chartered

Arab Today, arab today

Arab Today, arab today Temasek \'seeks to sell\' Standard Chartered

London - AFP

Singapore's state-linked investment firm Temasek Holdings is looking to sell its 18-percent stake in British emerging markets bank Standard Chartered, the Financial Times reported on Tuesday. The newspaper, which cited people close to the situation, said Temasek has sounded out potential buyers for its £6.0-billion ($9.7 billion, 7.5 billion euros) share of the lender. Standard Chartered was plunged into crisis in August when a US regulator accused the bank of hiding $250 billion (194 billion euros) in transactions with Iran. The Britain-based emerging markets lender -- which derives 90 percent of its profits across Africa, Asia and the Middle East -- denied the allegations but paid $340 million to settle the dispute. The FT added that Temasek had been "judging buyer interest" for its Standard Chartered shareholding in recent months. In reaction to the report, Standard Chartered shares slid 2.94 percent to 1,437 pence in morning deals on London's FTSE 100 index of leading shares, which was flat at 5,838.69 points. The bank declined to comment on the story.

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