The UK’s biggest mortgage lender, Halifax Bank of Scotland, today called on shareholders for £4bn (€5bn) to strengthen its balance sheet.
HBOS said the rights issue – which follows Royal Bank of Scotland’s £12bn (€15bn) cash call last week – was needed to “consolidate its competitive position”.
The bank also wrote off £2.8bn (€3.5bn) on investments hit by the credit crunch.