Singapore state investor Temasek Holdings said on Tuesday it raised its stake in Standard Chartered to over 19 percent because it saw value in the stock amid weakness in global stock markets.
"We invest where we see value and have capitalised on current market opportunities to increase our shareholding in a strong financial services player," Temasek Executive Director Simon Israel said in a statement.
Temasek lifted its stake in Asia-focused Stanchart to over 19 percent from 18 percent, according to a regulatory filing on Monday.
The Singapore investor now owns 268.2 million Standard Chartered shares worth about 4.4 billion pounds based on the last traded price of 16.47 pounds a share. The stock has traded as high as 19.75 pounds in the last 12 months.
Temasek has gradually increased its Standard Chartered holding from 12 percent in 2006, stoking talk it is interested in a takeover or may engineer a deal between StanChart and Singapore's DBS Group, which is one of several banks in Temasek's portfolio.
Temasek currently holds around 28 percent of DBS.