StanChart seeks to raise $5.1bn
03 November 2015,Nirapad News: Asia focused UK bank Standard Chartered bank has announced plans to raise around $5.1bn through a share sale to boost its balance sheet and restructure some of its businesses.
The capital raising was announced as part of the bank’s strategic review, reports the BBC.
It came as Standard Chartered reported a ‘disappointing’ third-quarter operating loss of $139m for the three months to the end of September.
That compared with a profit of $1.5bn a year earlier.
Bill Winters, who replaced Peter Sands as Standard Chartered’s chief executive in June this year, announced a strategic review of the bank’s organizational structure as soon as he took the helm.
In July this year, a new management team was put in place. Analysts have been expecting the bank to seek additional capital to shore up its balance sheet for some time.
Standard Chartered shares fell 4% on the Hang Seng stock exchange in Hong Kong.