a-weekend-of-mixed-news-for-hsbc

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 3.4%, representing around 173 million shares worth 425 million, will be placed by the joint global coordinators, Goldman Sachs, J.P. Morgan Cazenove and HSBC Bank, by the end of today. The advisers are earning a...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222