Hong Kong/Johannesburg - South Africa's Standard Bank Group has agreed with BNP Paribas SA and others to sell its Asian loan portfolio worth around $1 billion, according to two sources.
Africa's biggest bank has been looking to sell the loans, which include financing of mining projects in Mongolia, Indonesia and other countries, according to the sources, who declined to be identified because the information is not yet public.
BNP Paribas has agreed to buy the Mongolian portion of the portfolio, which represents about $350 million worth of loans, as well as some other loans in Asia, said one of the sources.
A spokesman for Standard Bank declined to comment.
No one was immediately available for comment at BNP Paribas. - Reuters