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BRIEF-Standard Chartered to raise $5.1 bln in new capital
November 3, 2015 / 4:57 AM / in 2 years

BRIEF-Standard Chartered to raise $5.1 bln in new capital

Nov 3 (Reuters) - Standard Chartered says:

* To raise about $5.1 billion in new capital

* To restructure some businesses that collectively use more than $100 bln of risk weighted assets

* To take $3 billion in restructuring charges by the end of 2016

* Increases gross cost reduction target to $2.9 billion in 2015-2018

* To invest more than $1 billion into retail client systems, private banking, upgrading Africa franchise and renminbi services

* To issue shares for 465 pence per share in rights issue

* Temasek will take up its rights in respect of 15.8 percent of the share issue

* No final dividend to be paid for current financial year ending dec 2015

* British regulator PRA is aware of capital raising plans and has raised no objections

* Rights issue ratio of 2 new ordinary shares for every 7 existing shares Source text for Eikon: Further company coverage:

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