Absent HBOS chief exec calls for cash
Bosses at Halifax Bank of Scotland were grilled by shareholders after asking for £4 billion to strengthen the balance sheet.
HBOS said it was needed to "consolidate its competitive position." It also wrote off £2.8 billion on investments hit by the credit crunch.
More than two million smaller shareholders face paying out to maintain their stake in the bank in the rights issue.
Those expecting to see chief executive Andy Hornby at the annual meeting in Glasgow were angry when he appeared by video link instead, with one man walking out in protest.
Mr Hornby told shareholders that the bank's "prudent" strategy would serve them well over the next few years.
"Ours is a strategy for all weather – good and bad. The worldwide credit crunch has presented HBOS, as well as other banks, with real challenges," he said.
Shareholders will be offered two new shares at 275p for every five held.
The full article contains 159 words and appears in n/a newspaper.
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Last Updated:
30 April 2008 11:03 AM
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Source:
n/a
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Location:
Halifax
