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HBOS considering £4bn rights issue

HBOS is believed to be considering a rights issue in a bid to raise up to £4bn of capital.

This comes after Royal Bank of Scotland Group confirmed plans to raise £12bn through a rights issue.

Bank of England governor Mervyn King signalled last week that he expected more banks to follow.

HBOS is due to report on current trading at its annual meeting in Glasgow tomorrow.

The group has a core equity Tier 1 capital ratio of 5.7 per cent. While this is above the regulatory requirements, analysts have pointed out it will have one of the lowest ratios in the sector following RBS’s rights issue.

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