Standard Chartered, which is working on a number of private equity deals in the Middle East at present, plans to close one for $100 million before the end of the year, the bank said. The bank is looking at deals in oil and gas, retails, telecoms, and manufacturing, according to Reuters.
(Reuters) – Standard Chartered Bank plans to close a $100 million private equity deal before the end of this year, its first in the Middle East, a senior executive of the bank said on Wednesday.
“We are working on a lot of deals, our first deal in private equity in this region will be before end 2010,” Taimoor Labib, head of private equity, Middle East & North Africa told Reuters, declining to be more specific as the deal is not yet announced.
“Our bank has the appetite for MENA assets, we have cash on our balance sheet and we do not have to worry about third party funds,” he said.
The bank is eyeing deals in oil and gas, retail, telecoms and manufacturing sectors, he said.
“Things are picking up on the private equity side, the mood is positive but still cautious,” he said.
(Reporting by Stanley Carvalho, editing by Reed Stevenson)