It was good and bad news for HSBC this weekend. The bank's rights issue received backing from a resounding majority of shareholders, while at the same time, its custody division, HSBC Securities Services, got slapped with a law suit in Luxembourg in connection with the Madoff fraud.
HSBC announced yesterday that 96.6% of the shares offered in its 12.5 billion $18.5 billion rights issue had been lapped up by shareholders and other qualifying investors holding the rights. The balance of 3.4%, representing around 173 million shares worth 425 million, will be placed by the joint global coordinators, Goldman Sachs, J.P. Morgan Cazenove and HSBC Bank, by the end of today. The advisers are earning a...
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