A weekend of mixed news for HSBC

HSBC's rights issue sails through with 97% of shareholders taking up their entitlements, but the bank's custody division is hit with a law suit in connection with the Madoff fraud.

It was good and bad news for HSBC this weekend. The bank's rights issue received backing from a resounding majority of shareholders, while at the same time, its custody division, HSBC Securities Services, got slapped with a law suit in Luxembourg in connection with the Madoff fraud.

HSBC announced yesterday that 96.6% of the shares offered in its 12.5 billion $18.5 billion rights issue had been lapped up by shareholders and other qualifying investors holding the rights. The balance of...

To continue reading, please login or register for free

Click for more on: hsbc | rights issue | madoff | bank medici

Print Edition

FinanceAsia Print Edition