Capital issue would be a ‘surprise’

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Standard Chartered’s second biggest investor Aberdeen Asset Management said it would be a “major surprise” if the bank moved to raise capital in the near future, but it would back such a plan if it justified the need for more capital.

Standard Chartered last month said former JPMorgan executive Bill Winters will take over as chief executive in June, and some analysts expect him to launch a multi-billion pound rights issue to strengthen capital.

The bank said this month it had no such plans to raise capital.

“Clearly if they justified the case for more capital, we would back it,” said Martin Gilbert, chief executive of Aberdeen Asset Management.

“But, I think, the latest statements from the finance director really say they don’t need more capital so it would be a major surprise if they did.”