HSBC confident of investor support
04-03-2009
HSBC says it's confident that shareholders will support its US$17.7 billion rights issue, even though the bank's shares plunged after it reported a 70-percent fall in net profit last year. Speaking in Hong Kong, Group Chief Executive Michael Geoghegan assured investors that the capital raised in the rights issue won't be used to cover losses in HSBC's US operations. He said the money would be put into what he called a 'warchest' for future expansion. However, Mr Geoghegan said the bank did not have any specific targets for acquistion yet.
