Nov. 24 (Bloomberg) -- Standard Chartered Plc, the U.K. bank that gets more than three-quarters of its profit in Asia, plans to raise 1.8 billion pounds ($2.7 billion) in a rights offer to bolster its finances as the global economic recession deepens. The London-based bank is offering existing shareholders 30 new shares for 91 already held at 390 pence apiece, or a 49 percent discount to the last closing price, according to a statement to Hong Kong's stock exchange today. ``The bank is taking a precautionary stance against a potentially much worsened economic scenario,'' said Wong Kwok Wai, a Hong Kong-based analyst at BOC International Holdings Ltd. ``A rights offer is a better arrangement to strengthen their capital ahead of a potential slowdown. There's a dilutive effect, but in the long run it puts the bank in a better position.'' Chief Executive Officer Peter Sands said the capital- raising will provide a ``buffer in an increasingly volatile environment'' as the bank tries to shore up defenses against the financial crisis that forced HBOS Plc and Royal Bank of Scotland Group Plc to accept money from the U.K. government. The offering comes as the U.S. administration moves to stabilize Citigroup Inc. by providing $20 billion of cash and guaranteeing $306 billion of toxic assets. Standard Chartered declined 2.9 percent as of 8:03 a.m. in London trading. The stock has dropped 60 percent this year, the second-best performer in the six-member FTSE 350 Banks Index, which is down 59 percent. Economic Outlook The company last week slashed its forecast for economic growth by more than half in some of its biggest markets, including Hong Kong, and is cutting jobs in South Korea. Financial-services stocks in Asia have lost more than a quarter of their market value since June amid concern the economic slowdown will hurt exports from the region. Banks and brokerages worldwide have raised $830 billion since the subprime-mortgage market's collapse last year. Temasek Holdings Pte, Singapore's state-owned investment company and the biggest shareholder in the bank with 18.8 percent, will take up its rights in the offer according to the statement. It is underwriting part of the rights offer may be left with a stake of as much as 22 percent, Sands told reporters on a conference call. The rights offer is also being underwritten by UBS AG, JPMorgan Chase & Co. and Goldman Sachs Group Inc. Capital Strength Standard Chartered may need $3.2 billion by year-end to lift its core Tier 1 ratio, a measure of capital strength, to 8 percent, from 6.1 percent, according to a Merrill Lynch & Co. report on Oct. 20. Capital-raising by banks in the U.K., Switzerland, and the U.S. are part of an ``industrywide shift'' toward higher capital levels for lenders, according to Merrill. Standard Chartered has spent more than $6.3 billion on purchases since the start of 2005 to expand in markets like Korea and Taiwan. The bank said earlier this month it will buy an Asian unit from JPMorgan Cazenove Ltd. to boost corporate banking services. Standard Chartered said on Oct. 28 it has strong liquidity and is well capitalized with a ``conservative'' balance sheet, yet ``it's clear that Asian economic growth is moderating.'' The bank said last week it pushed back its hiring in Hong Kong, the biggest contributor to pretax income in the first half with a 25 percent share, as the city slipped into recession. It is also eliminating 572 jobs at its head office in South Korea, the company said last week. First-half net income rose 31 percent to $1.79 billion, the bank said in August. Earnings were lifted by corporate lending in India and Hong Kong. The bank forecast ``double-digit'' growth in earnings per share this year.