Standard Chartered announces successful shares sale

8th November 2010, Comments 0 comments

Standard Chartered, the bank focused on emerging markets, said on Monday that investors snapped up 98.5 percent of its new shares, helping it raise about 3.3 billion pounds to meet new global banking rules.

Standard last month said it planned to raise the amount, equivalent to 3.8 billion euros or 5.3 billion dollars, to help meet Basel III, which stipulates that banks must hold capital equal to at least seven percent of their assets.

Standard Chartered said in a statement on Monday that it had received valid acceptances "representing approximately 98.5 percent of new ordinary shares offered".

The British bank had offered a new share for eight existing ones at a heavily discounted price of 1,280 pence per share.

© 2010 AFP

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