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HBOS Plc may consider stake sale to improve balance sheet

Mark Menell 28 April 2008

HBOS Plc board will decide on Monday regarding $8 billion stake sale to existing investors. Royal Bank of Scotland announced $24 billion right issues last week. HBOS may announce another writedown worth $6 billion in its upcoming board meeting.

Banking majors all across the globe are facing challenges after US subprime crisis forced many US banks to announce writedowns in second half of year 2007. Banking Stocks were trading weak as most of the banks issues profit warnings and tough times in future.

The Sunday Times reported that the UK based bank is considering share sale to cover up the weak balance sheet. HBOS officials declined to comment on the news. HBOS CEO Andy Hornby may announce the rights offer if the decision is finalized in the board meeting.

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