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StanChart picks banks for hybrid issue -source

Mon May 12, 2008 10:21pm EDT

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HONG KONG, May 13 (Reuters) - Standard Chartered Plc (STAN.L) (2888.HK) has chosen Credit Suisse (CSGN.VX), Merrill Lynch MER.N, Standard Chartered and UBS (UBSN.VX) to manage a dollar-denominated perpetual hybrid security issue, a source close to the deal said on Tuesday.

Details of the offering, which is to be launched in the "near future", were yet to be decided.

Standard Chartered is rated A3 by Moody's Investors Service and A by Standard & Poor's Ratings Services. (Reporting by Umesh Desai; editing by Ken Wills)



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