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This is an archive article published on April 6, 2009

HSBC hails rights issue after 97% take-up

Europe’s biggest bank HSBC announced a 96.6 percent take-up Sunday for its 17.7 billion dollar rights issue announced last month after a plunge in profits.

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Europe’s biggest bank HSBC announced a 96.6 percent take-up Sunday for its 17.7 billion 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.

HSBC outlined its plan for a record British rights issue in March when it reported a 70 per cent plunge in annual net profits. It has refused British government financial assistance in contrast to rivals like Royal Bank of Scotland.

It offered investors five new shares at a heavily-discounted price of 254 pence each for every 12 they already own.

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