LONDON/ZURICH: Shareholders of British bank Barclays backed a $10 billion fundraising on Monday and Standard Chartered sought new funds too as

 

investors absorbed the weekend rescue of US based Citigroup.

Barclays chairman Marcus Agius said investors had voted in favour of the British bank’s controversial 7 billion pound ($10.44 billion) fundraising.

A final tally will be released later. Barclays had been expected to get the 75 percent approval it needed for the plan to go ahead. However, there is likely to be a high number of abstentions in protest, analysts and fund managers have said.

Top five investor Legal & General last week said it would vote in favour of the plan, even though it does not like the structure of the controversial deal, which over-rode traditional shareholder pre-emption rights in favour of new investors.

Earlier on Monday, emerging markets bank Standard Chartered said it planned to raise 1.8 billion pounds ($2.7 billion) in a rights issue.

The London-based lender said the funds would allow it to take advantage of the turmoil, and distanced itself from banks facing funding difficulties.

http://economictimes.indiatimes.com/News/International_Business/Barclays_get_10_bn_as_Citi_rescue_resounds/articleshow/3751680.cms

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