Standard Chartered is selling off $4.4bn worth of Asian assets, after announcing a $1.5bn loss in February
Standard Chartered is mulling over the sale of at least $4.4bn (£3.1bn) of assets in Asia, it was revealed earlier today.
The bulk of the assets potentially being sold are understood to relate to $1.4bn in stressed loans made to Indian firms, but the bank is also believed to be looking to offload some other assets in China, Indonesia and Malaysia.
A spokesperson for the bank said: "We said in November when we announced our strategic review that we would be aligning our risk profile to the new strategy, and confirmed then that the group had identified a number of exposures for liquidation that exceeded the new risk tolerance levels.
"We are making good progress on executing our strategy, and we will provide an update to our investors in due course."
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In February, the bank announced that it had made a loss of $1.5bn for its year ended December 2015, compared with a profit of $4.2bn the year before, with group chief executive Bill Winters even going as far as to call the year's performance "poor".
In November last year, Standard Chartered revealed the outcome of a strategic review it had undertaken, with key highlights including a realignment of business strategy to reflect tightened risk tolerance and the development of a clear and deliverable stragey for each of the group's regions.
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Shares in the bank closed up one per cent at 447.95p.