Standard Chartered boss denies troubled bank needs rights issue

Tim Wallace
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STANDARD Chartered has a substantial capital buffer and is well ahead of regulatory require­ments, its chief executive Peter Sands said yesterday.

He denied claims from analysts that the bank needed to tap investors with a rights issue to raise more funds.

“I am very clear on this, we have a strong capital position – on total loss-absorbing capacity, on the leverage ratio, on core tier one capital,” Sands said yesterday after three days of investor meetings in Hong Kong. “We are managing the bank to be capital accretive on an underlying basis, to enable us to absorb whatever future capital requirements come our way.”

The boss gave more detail on plans to cut costs and boost revenues in a bid to get the lender back to growth.

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