UK Money blog provides news and comment on the world of money, finance and investment. We cover mortgages, loans, leasing, insurance, credit cards, property, savings and taxation.
18 April 2008
RBS in £5 Billion Rights Issue
According to today's Daily Telegraph, The Royal Bank of Scotland (RBS) is to go to the City and ask for £5 billion in new capital. RBS is the first major British bank to admit it needs large amounts of cash to shore up its finances.
RBS owns NatWest, one of the biggest names on UK high streets. The fact that RBS is in trouble begs an interesting question. Only last month there was a run on HBOS - Halifax Bank of Scotland - when rumours spread through the market that the bank was in trouble. Its easy to draw the conclusion that HBOS and RBS could have been mixed up.
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