Standard Chartered CEO Winters Finally Exits Private Equity

Standard Chartered Plc reached an agreement to separate its private-equity unit, ending a more than two-year effort by Chief Executive Officer Bill Winters to exit that business.

The majority of its private equity portfolio will be transferred to funds run by Intermediate Capital Group Plc, the bank said in a statement Dec. 17. Standard Chartered’s private-equity team will form Affirma Capital in a management buyout to run the portfolio.

The spinout will result in a $160 million charge, Standard Chartered said. No deal terms were disclosed in the statement. In August, people familiar with the matter said about $1 billion ...