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Financial stocks rise after Basel III

    NEW YORK (Reuters) - Shares of financial companies rose in premarket trading on Monday as traders were encouraged by new bank capital rules.

    The new requirements, known as Basel III, will demand banks hold top-quality capital totaling 7 percent of their risk-bearing assets, but a long lead-in time eased fears that lenders will have to rush to raise capital.

    Bank of America Corp rose 1.8 percent to $13.80 in premarket trading, while Citigroup Inc gained 1 percent to $3.95, and the Select Sector Financial SPDR was up 1.4 percent to $14.74.

    (Reporting by Ryan Vlastelica; editing by Jeffrey Benkoe)

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