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StanChart eyes bank stake sales as it tries to slim down

Employees of Standard Chartered leave a branch of the bank in central Seoul  StanChart eyes bank stake sales as it tries to slim down 2015 01 16T120753Z 1 LYNXMPEB0F0IX RTROPTP 2 KOREA BANKS PROBEBy Denny Thomas and Lawrence White HONG KONG (Reuters) – Standard Chartered's abrupt move to shut its global equities business last week could be a prelude to the lender selling off stakes in a number of Asian banks as it looks to boost capital, people familiar with the lender's thinking said. The most likely potential sale is Standard Chartered's $621 million holding in Agricultural Bank of China Ltd (AgBank), a person with direct knowledge of the situation said. The bank's 45 percent stake in Indonesia's PT Bank Permata, valued at around $638 million, could also be sold, though that deal would probably come after an AgBank stake sale, people close to the bank said. Early this month Standard Chartered moved aggressively to reverse its flagging fortunes by closing the bulk of its global equities business and axing 4,000 jobs in retail banking.

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