HBOS, the UK's largest mortgage lender, is set to launch a rights issue to raise up to £4bn as it braces itself for an ongoing downturn in the UK economy, The Telegraph reports.
The owner of Halifax and Bank of Scotland will make a final decision about whether to push the button at a board meeting today, ahead of its annual shareholder meeting tomorrow in Glasgow. If it goes ahead, it is likely to ask its brokers Morgan Stanley and Dresdner Kleinwort to organise the rights issue. If it goes ahead, it is likely to ask its brokers Morgan Stanley and Dresdner Kleinwort to organise the rights issue. HBOS is also expected to write down about £3bn on investments. THE ANNUAL RATE of house price inflation has now turned negative for the first time since the property...
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