Standard Chartered's second largest shareholder, Aberdeen Asset Management, has said it backs the bank's plan to raise fresh capital.

Standard announced plans to raise $5.1 billion (£3.2bn) in new capital and cut 15,000 jobs in a restructuring plan . Hugh Young, managing director of AberdeenAsset Management Asia, said Standard’s management was “taking the right steps to address the bank's problems”.

He went on: “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.”