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RBS sets out £12bn rights issue RBS sets out £12bn rights issue
(10 minutes later)
Royal Bank of Scotland (RBS) is asking shareholders for an extra £12bn as the bank seeks to shore up its finances.Royal Bank of Scotland (RBS) is asking shareholders for an extra £12bn as the bank seeks to shore up its finances.
The rights issue was announced as part of a trading update and is one of the largest seen in UK corporate history.The rights issue was announced as part of a trading update and is one of the largest seen in UK corporate history.
The firm also announced a write-down of £5.9bn before tax, following its exposure to the credit markets.
RBS added that it was reviewing its insurance unit, which could lead to the sale of its Churchill Insurance and Direct Line businesses.
Under the terms of the rights issue, 11 new shares will be issued for every existing 18 shares at 200 pence each.