South African institution Standard Bank is further paring back its private equity business with more executive departures amid plans to sell its Brazilian assets. The move comes as leading banks begin to spin out their buyout businesses, with both HSBC and Barclays Bank looking to hive off their private equity units.

London-based Bilge Ogut, who joined Standard Bank in April last year as deputy global head of private equity and chief executive of its Turkish arm, will leave the bank, according to a source close to the situation.