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StanChart CEO says has no plans for a rights issue

Reuters - UK Focus

LONDON, March 4 (Reuters) - Standard Chartered (HKSE: 2888.HK - news) 's outgoing Chief Executive Peter Sands said the Asia-focused bank had no plans to launch a rights issue and capital strength will be improved this year by cutting costs and reducing its loan book.

"We have no plans for a capital raise," CEO Peter Sands told reporters on a conference call, when asked if it could launch a rights issue.

Last week the bank said Sands will leave in June after eight years in charge, to be replaced by former JPMorgan (LSE: JPIU.L - news) investment bank boss Bill Winters. (Reporting by Steve Slater, editing by Sinead Cruise)