News Tag: balance sheet
September 13, 2010
Germany’s largest lender, Deutsche Bank, has announced it will embark on a €10 billion (£8.1 billion) rights issue to take over retail bank, Postbank.
The announcement comes just a week or so after the National Bank of Greece launched a rights issue.
More lenders in Greece, Spain, Portugal and Italy are expected to follow suit to strengthen their balance sheets, according to analysts.
Meanwhile, ...
Deutsche Bank confirms €10bn cash call
by Kay Murchie
September 10, 2010
Germany's largest lender, Deutsche Bank, is set to embark on a €9 billion (£7.4 billion) rights issue to strengthen its balance sheet.
Shares in the bank were down more than 5% in pre-market trade following the announcement.
According to analysts, the cash call is set to be the first in a series of fundraisings by banks throughout the world.
"This reinforces worries about ...
Deutsche Bank to tap investors for cash
by Kay Murchie
March 31, 2010
The Bank of Ireland has today reported a loss of €3 billion (£2.6 billion) in the first nine months of its financial year, with write-downs totalling €4 billion.
In a statement, the bank said: "Revenues remain under pressure, in particular due to higher funding costs as we continue to extend the maturity profile of our wholesale funding."
It also said ...
Bank of Ireland sees no end to economic crisis
by Kay Murchie
November 11, 2009
Bus and train operator National Express has today announced plans to raise £360 million via a rights issue, which will strengthen its balance sheet as it struggles under a mountain of debt of £1.5 billion.
Shares in the transport group lost 7.9% at 311p in early trading today. Shares in the group have lost almost a third in value in the last ...
National Express launches £360m rights issue
by Kay Murchie
October 25, 2009
Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) .
The bank, which is 43% owned by the taxpayer, is understood to be mulling over a £12 billion ...
Lloyds continues to explore ways to escape APS
by Kay Murchie
June 12, 2009
It has been confirmed this morning that West Bromwich Building Society has agreed a deal that will see the 160-year-old institution saved from collapse.
The deal will see £182.5 million of subordinated debt converted into capital to strengthen the mutual's balance sheet.
The society said the new deal will "materially strengthen the society’s core tier 1 capital ratio from 6.8% to 11.6% ...
West Bromwich Building Society in rescue deal
by Kay Murchie
April 22, 2009
The International Monetary Fund (IMF) has announced that the estimate of the losses across the world inflicted by banks as a result of the credit crunch is going to hit $4 trillion.
This confirms the estimates that were first published in The Times, which is far larger than the initial forecast of less than $1 trillion a year ago.
It ...
IMF announces global bank losses stand at $4 trillion
by Peter Charalambous
April 5, 2009
HSBC, which is Europe’s largest bank, said shareholders have bought 96.6% of the new shares offered in its £12.5 billion rights issue - the largest ever held in Britain.
The shares were offered at £2.54 each - a heavily discounted price from Friday’s close of £4.35 each. The remaining shares are expected to be sold on the open market.
The ...
HSBC sees strong take up for rights issue
by Kay Murchie
March 27, 2009
Shares in Barclays have surged this morning on the news that the Financial Services Authority has given the bank's balance sheet a clean bill of health, after a stress-test revealed the bank will not need fresh capital, should it sign up to the Government‘s Asset Protection Scheme.
Barclays stock gained 8.4% today to 151.9p and is up 44% this week alone. ...
Barclays shares rise on strong balance sheet
by Kay Murchie
January 14, 2009
It has now been confirmed that Royal Bank of Scotland (RBS) has sold its 4.3% stake in Bank of China for £1.6 billion.
RBS sold all of its 10.8 billion Bank of China shares at a price of 1.71 Hong Kong dollars per share.
The news is confirmation that the bank is looking to trim back its overseas holdings ...
RBS sells entire stake in Bank of China
by Kay Murchie
November 3, 2008
Last week, Barclays announced it was looking to raise £7.3 billion, primarily from Middle East investors.
The bank has secured a £5.8 billion cash injection from investors in Qatar and Abu Dhabi.
Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi’s Royal Family, is investing up to £3.5 billion in the bank, while £2 billion is ...
Barclays’ shareholders said to be outraged at Middle Eastern fund raising
by Kay Murchie
October 31, 2008
Barclays has declined financial assistance from the UK Government and is instead looking to raise £7.3 billion, primarily from Middle East investors.
The bank has secured a £5.8 billion cash injection from investors in Qatar and Abu Dhabi, and once the deal is finalised, the Middle Eastern investors will hold a 32% stake in Barclays.
Sheikh Mansour ...
Barclays looks to Middle East to shore up its balance sheet
by Kay Murchie
October 27, 2008
Mitsubishi UFJ Financial Group is planning to shore up its balance sheet by raising 990 billion yen (£6.85 billion, $10.5 billion) by issuing new shares.
Japan’s largest bank is to issue common stock of 600 billion yen and 390 billion yen of preferred shares.
The news came after Japan’s Nikkei index closed 6% down - its lowest close ...
Mitsubishi UFJ Financial seeks to raise £6.58bn via rights issue
by Kay Murchie
October 16, 2008
Swiss banking giant, UBS, is the latest European bank to receive help from its Government, in a bid to reduce the risk to the bank’s balance sheet.
The Swiss bank is raising $5.3 billion (£3 billion) from the Government, who will take a 9.3% stake in the bank. Meanwhile, it will be able to transfer up to $60 billion of distressed ...
UBS latest to receive Government financial assistance
by Kay Murchie
August 5, 2008
Barclays has improved its balance sheet today after it revealed it has offloaded its life insurance unit to Swiss Re in a deal worth £753 million ($1.48 billion), subject to regulatory approval.
Swiss Re is paying £753 million in cash for Barclays Life, which manages £6.8 billion of assets on behalf of 760,000 policyholders.
Swiss Re, which is the world’s ...
Barclays sells life insurance arm to Swiss Re
by Kay Murchie
July 21, 2008
It has been confirmed this morning that only 8.29% of shareholders of HBOS have signed up to the £4 billion rights issue.
This amount was marginally worse than the market was expecting after Sunday papers suggested yesterday that the amount was a little as 10%.
HBOS, which is the UK’s largest mortgage lender, will still receive the £4 billion it requires ...
Just 8% take up rights issue at HBOS
by Kay Murchie
May 22, 2008
Swiss banking giant, UBS, has revealed plans for a SwFr16 billion (£7.9 billion) rights issue in a move to shore up its balance sheet.
The announcement from the Swiss bank, which is the biggest European casualty of the credit crunch so far, comes just one day after it sold some of its mortgage-backed securities to BlackRock, the US fund manager.
The rights, which ...
UBS announces £7.9bn rights issue
by Kay Murchie
May 14, 2008
Buy-to-let specialist, Bradford & Bingley, has today raised £300 million in an emergency rights issue to shore up its balance sheet.
It is the latest UK bank to ask its shareholders for additional funding and confirmed it would raise the £300 million in a rights issue, which offers existing investors the opportunity to purchase additional shares.
Shareholders will be given the ...
Bradford & Bingley in £300m rights issue
by Kay Murchie