Standard Chartered’s private equity unit acquires 13% stake in African retail chain


africa woman women_sqBanking group Standard Chartered’s private equity unit has acquired a 13 per cent stake in African retail group Choppies Enterprises.

Standard Chartered did not say how much it paid for the stake, but Reuters estimated that it was valued at nearly $60m.

Most of Choppies’ stores are located in Botswana and it also has presence in Zimbabwe and South Africa.

In November last year Bloomberg said that Standard Chartered had plans to trim its private equity division, cutting its staff numbers by around 12 per cent.

The firm’s Asia team will see the majority of losses, the report noted, resulting in a total workforce of around 100.

The bank has previously admitted that its double-digit growth targets were unlikely to be met due to a wider slowdown in the developing economies in which it operates.

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