Bank wins approval
ROYAL Bank of Scotland yesterday won backing from shareholders for its record £12 billion pound rights issue.
A total of 95 per cent of shareholders who voted backed the rights issue. The fundraising will cover write-downs on the expected value of toxic assets. RBS expects these to be £4.3bn net of tax.
Chairman Sir Tom McKillop told shareholders yesterday that the board planed to use the funds to raise their Tier 1 capital to between 7.5 per cent and 8.5 per cent.
The full article contains 89 words and appears in The Scotsman newspaper.
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Last Updated:
14 May 2008 8:52 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Halifax Bank of Scotland
