Tel: 0845 458 2633
← Interest rate cut to 5% | News For April 2008 | Two at the BOE voted against rate cut →
Bank hopes to raise billions through share issue
The Royal Bank of Scotland announced it is preparing to to generate billions of pounds through the issue of shares. Early trading showed a healthy interest in the UK's second largest bank as its share price was expected to climb 4 per cent to 380p. The bank announced the fundraising ahead of its annual shareholders meeting on Wednesday. It is believed that the Financial Services Authority is involved in the discussions with RBS along with the Treasury.
Many large American banks have also raised billions in this way to help recover from the current credit crisis with British banks having been accused of reacting too slowly in following the US's example for fear of upsetting shareholders. The rumours have circulated for some time that around £12billion would be needed to help stave off further meltdown but that some major shareholders would prefer the bank to sell off assets instead. Bank staff have already seen as many as 200 staff in its global banking and markets business loosing their jobs.
← Interest rate cut to 5% | News For April 2008 | Two at the BOE voted against rate cut →
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
This site is intended for UK residents only. The overall cost for mortgages for comparison is % APR.
The actual rate will depend on your circumstances. APR variable and based on a usual case.
Grovelawn Financial is a trading name of Grovelawn Limited, which is authorised and regulated by the Financial Services Authority.
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Entered on the Financial Services Authority's Register — Register Number: 314204 — Consumer Credit Licence Number: 573287
The Financial Services Authority (FSA) do not regulate some types of buy to let, commercial, overseas mortgages, tax advice and credit or loans not secured on property.