StanChart was last night finalising details of the issue, which is expected to be priced at about 400p per share – a large discount to its current share price, which closed on Friday at 759.5p. Barring any last-minute hitches, an announcement is expected today.
The rights issue, which is expected to be fully underwritten, will make StanChart the latest European bank to raise fresh capital despite insisting that it had no need to do so. Earlier this month Santander, the Spanish bank, surprised investors by unveiling plans to raise €7bn ($8.8bn) through a rights issue.
StanChart, which has minimal exposure to developed markets in Europe and the US, has weathered the credit crunch in better shape than most of its rivals.
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