StanChart 'asked to buy back Phoon Huat stake'

London

STANDARD Chartered plc, the lender trying to wind down its private-equity unit, faces pressure from two of the world's biggest asset managers to buy back the stake in a Singaporean food company it sold them less than a year ago, people familiar with the matter said.

Blackstone Group LP and LGT Capital Partners AG spent about US$50 million last July buying 60 per cent of Phoon Huat & Co from Standard Chartered Private Equity (SCPE), the people said.