Standard Chartered halts Asia film lending
Standard Chartered Bank is pulling the curtains on its film lending business based in Hong Kong. The bank has called an immediate halt to all new lending to the sector, though its head of entertainment and media, the veteran entertainment banker Lee Beasley is currently staying with the bank.
It is understood to have been unhappy with the low levels of gap financing and other lending that the entertainment unit has written in China and the Asian region, compared with its activity in Australia and the US. One source close to the bank described the closure as a “geographical decision.”