Shareholders approve HSBC rights issue
20-03-2009
Shareholders in Europe's biggest bank HSBC have approved a plan to boost its capital by 12.5 billion pounds (US$18.06 billion) to withstand the financial crisis. The proposal was backed by a 99.1-percent majority. HSBC outlined its plan for a record British rights issue earlier this month when it reported a 70-percent plunge in annual net profits. London-based HSBC has been regarded as one of the more robust global banks as the crisis devastated many top lenders around the world and has refused British government financial assistance in contrast to some of its rivals.
