World Economy

StanChart Wants to Raise $4b

StanChart Wants to Raise $4bStanChart Wants to Raise $4b

Standard Chartered Plc has held discussions with bankers on raising at least $4 billion as British regulators toughen scrutiny on lenders with exposure to emerging markets in a second round of stress tests, people with knowledge of the plan said, Bloomberg reported. While the bank has discussed the option of raising capital, no final decision has been made on whether to proceed with a share sale, said the people, who asked not to be identified because the talks are private. The London-based lender may need as much as $8 billion to address a funding gap. Standard Chartered Chief Executive Officer Bill Winters is under pressure to reverse a two-year slide in profit and shares that prompted his predecessor Peter Sands to resign.