StanChart to raise 3.3b pounds

British-based emerging markets bank Standard Chartered on Wednesday said it planned to raise about 3.3 billion pounds (3.8 billion euros) by selling new shares to boost its capital.
"Standard Chartered plc today announces a ... rights issue to raise approximately 3.258 million pounds," it said in a statement.
The lender added that the rights issue will help it meet new Basel III international banking rules, which call on how much capital banks should hold in reserve and are designed to avert another financial crisis.
Standard Chartered said it will issue a new share for eight existing ones at a unit price of 1,280 pence, which is 33 percent lower than its closing level on Tuesday.
The rights issue will "give the group greater capacity" to meet the Basel III regulations, which stipulate that internationally active banks have to hold capital equal to at least seven percent of their assets. Banks have until 2019 to comply but some rules take effect in 2013.
The extra funding will also allow the bank to continue its expansion in emerging markets around the world, it added.