Barclays gets $10 billion as Citi rescue resounds

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By Steve Slater and Lisa Jucca

LONDON/ZURICH (Reuters) - Shareholders of British bank BARCLAYS (BARC.LO) backed a $10 billion fundraising on Monday and Standard Chartered sought new funds too as investors absorbed the weekend rescue of U.S.-based Citigroup .

Barclays chairman Marcus Agius said investors had voted in favor 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 favor of the plan, even though it does not like the structure of the controversial deal, which over-rode traditional shareholder pre-emption rights in favor 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.

"Having more capital will give us greater flexibility to take advantage of growth opportunities emerging from the turmoil, both organic and inorganic," said StanChart chief executive Peter Sands.

"Many of our competitors are in disarray, lacking capital or liquidity or distracted by problems."

StanChart's move came in the wake of the U.S. government's $306 billion rescue package for Citigroup late on Sunday.

Elsewhere in Europe a top Swiss bank regulator said on Sunday that UBS is likely to need a fresh capital injection from the state.

On Monday, Deutsche Bank chief executive Josef Ackermann told staff in a letter that the German bank is considering changes to its business strategy.

In the Middle East, the United Arab Emirates moved to shore up confidence in a policy shift that will see it bail out Dubai's lenders by injecting capital into Emirates Development Bank, a newly created rescue vehicle preparing to absorb merging Islamic lenders Amlak and Tamweel .

(Additional reporting by Tony Munroe in Hong Kong; Writing by Guy Dresser; Editing by Andrew Callus)

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