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Top StanChart shareholder Aberdeen backs plan to raise capital

Reuters - UK Focus

LONDON, Nov 3 (Reuters) - Standard Chartered (BSE: 580001.BO - news) 's second largest shareholder, Aberdeen Asset Management (Other OTC: ABDNF - news) , said on Tuesday it backed the bank's plan to raise fresh capital.

Earlier on Tuesday, the bank announced plans to raise $5.1 billion in new capital and cut 15,000 jobs in a sweeping turnaround plan to revive its flagging fortunes.

Calling the plan "sensible", Hugh Young, managing director of Aberdeen Asset Management Asia, said he was supportive of the rights issue.

"Standard Chartered's management is taking the right steps to address the bank's problems," he said in a statement.

"The plan outlined seems sensible and it is clear where the bank now wishes to focus its business. We have been encouraging the bank to put its capital position beyond doubt, so we are supportive of the rights issue." (Reporting By Sinead Cruise; editing by Simon Jessop)