Monday, July 21, 2008
Hmm… that’s quite a high percentage
HBOS has this morning announced one of the most disastrous rights issue in City history, with just 8.29 per cent of the bank's £4 billion cash raising taken on by its shareholders. The bank was upbeat this morning. "The bottom line is, we've raised £4 billion of capital," said a spokesman. "Just like ships need more ballast in heavy seas, banks need more capital in tougher times."