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22/04/2008
RBS Billion Pound Fundraiser Bid
The Chief Executive of the Royal Bank of Scotland has encouraged shareholders to support a £12 billion fundraiser.
The rights issue is reputed to be one of the largest seen in UK corporate history.
The banking group has also announced a write-down of £5.9 billion before tax as a result of the current credit crunch.
Richard Hunter, Head of UK equities at Hargreaves Lansdown Stockbrokers said that RBS will "benefit from being the first to the plate as this announcement will inevitably lead to call calls from others".
RBS says that it may resort to selling assets to raise funds amounting to £4 billion.
The bank says due to the "severe and increasing deterioration" in credit market conditions, it was likely that credit markets would "remain difficult for some time".
RBS needs to raise money to cover the £48 billion part takeover of the Dutch bank ABM Amro, and a rights issue was said to be the best option.
Under the terms of the rights issue, 11 new shares will be issued for every existing 18 shares at £2.00 each.
RBS will hold its annual general meeting on Wednesday and is expected to seek approval for shareholders in May.
(DS)
The rights issue is reputed to be one of the largest seen in UK corporate history.
The banking group has also announced a write-down of £5.9 billion before tax as a result of the current credit crunch.
Richard Hunter, Head of UK equities at Hargreaves Lansdown Stockbrokers said that RBS will "benefit from being the first to the plate as this announcement will inevitably lead to call calls from others".
RBS says that it may resort to selling assets to raise funds amounting to £4 billion.
The bank says due to the "severe and increasing deterioration" in credit market conditions, it was likely that credit markets would "remain difficult for some time".
RBS needs to raise money to cover the £48 billion part takeover of the Dutch bank ABM Amro, and a rights issue was said to be the best option.
Under the terms of the rights issue, 11 new shares will be issued for every existing 18 shares at £2.00 each.
RBS will hold its annual general meeting on Wednesday and is expected to seek approval for shareholders in May.
(DS)
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