Standard Chartered second-largest shareholder would support capital increase

Standard Chartered Shanghai Towers

Standard Chartered’s second-largest shareholder, Aberdeen Asset Management, would support a capital increase if the bank decides it needs to shore up its balance sheet, CEO Martin Gilbert said.

'I think what Bill Winters will probably do is thoroughly review the business and then decide', Gilbert, referring to the bank’s chief executive officer, said in an interview in London. 'I suspect it’s on a knife edge. If he needs to raise capital, we will be supportive of it', though Aberdeen hasn’t been sounded out for its view, Gilbert said.

Bloomberg News reports that Winters, 53, last month cut the bank’s dividend in half to save $1bn and help reverse a two-year slump in earnings, which has been exacerbated as turmoil in Asia and falling commodity prices push up loan losses. He’s also eliminating as many as 250 of about 1,000 managing directors worldwide.

To access the complete Bloomberg News article hit the link below:

Aberdeen CEO Would Support Standard Chartered Capital Boost

Wall Street Said to Win Lucrative Concession in Derivatives Rule

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts