Standard Chartered to raise 3.3 billion pounds

13th October 2010, Comments 0 comments

British-based emerging markets bank Standard Chartered on Wednesday said it planned to raise 3.3 billion pounds (3.8 billion euros) capital by selling shares in the banking group.

The move is to conform with new international banking regulations called Basel II on how much capital banks should hold in reserve, designed to avert another financial crisis.

Standard Chartered will issue a new share for eight existing ones at a unit price of 1,280 pence, which is 33 percent lower than it closed on Tuesday.

© 2010 AFP

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