Temasek Not Looking to Offload Standard Chartered Stake

Temasek is not actively seeking to exit Standard Chartered but the Singapore sovereign wealth fund has received proposals from buyers looking to purchase its stake in the British bank, says a source close to the fund.

The well-placed source told IBTimes UK that, contrary to media speculation, the group had never placed a strict 'not for sale' sign over its 18 percent stake in the emerging markets-focused bank.

"The latest speculation over Temasek courting investors is not true. It isn't courting investors and they aren't actively looking to offload its stake; interested buyers just go straight to the group. If there was an imminent deal that was close to being signed I would have seen and heard a lot more excitement from some people at Temasek but they just disregarded the latest speculation," the source said.

"Temasek has never strictly said that it wouldn't sell its stake in Standard Chartered, so naturally it receives buyout bids from interested investors. Of course, as with any company, it would look into the proposal and weigh up whether it would be in the firm's best interest," the source added.

The Financial Times reported Tuesday that Temasek, Standard Chartered's larget shareholder, is weighing up potential buyer interest for the bank, reigniting talk of a takeover just weeks after Standard Chartered settled with the New York's Department of Financial Services (DFS) of breaching US sanctions by hiding $250bn worth of transactions with Iranian clients.

When IBTimes UK sought comment from Temasek over these reports, a representative said: "As a matter of policy, Temasek does not comment on market rumours and speculation."

A representative at Standard Chartered told IBTimes UK that "we don't comment on market speculation. Temasek is a long term, supportive shareholder."