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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. |