HSBC hails 97% rights issue take-up
06-04-2009
Europe's biggest bank HSBC has announced a 96.6 percent take-up for its 17.7 billion US dollar rights issue announced last month after a plunge in profits.
The rights issue was hailed as a success by HSBC group chairman Stephen Green, who added he was "confident" the company remained "well-placed" despite the world financial crisis.
The statement added that HSBC expects the sale of the remaining 3.4 percent of new ordinary shares to complete tomorrow and that in Hong Kong, the take-up figure was 98.2 percent.
HSBC outlined its plan for a record British rights issue in March when it reported a 70 percent plunge in annual net profits.
It has refused British government financial assistance in contrast to rivals like Royal Bank of Scotland.
