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Article: Lloyds and HBOS raising $28 billion in new capital
- Article from:
- AP Online
- Article date:
- November 3, 2008
- Author:
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British banks Lloyds and HBOS said Monday they are raising 17 billion pounds ($27.7 billion) of new capital, backed by the government, and confirmed that Lloyds is going ahead with its planned takeover of HBOS.
Lloyds TSB Group PLC said it will try to raise 4.5 billion pounds ($7.3 billion) from investors in a share offering, while HBOS PLC is looking for 8.5 billion pounds ($13.8 billion) worth of investor money, the banks said in a statement.
However, if private investors do not buy the shares, the British government has guaranteed that it will _ on the condition that Lloyds takes over HBOS, on the terms agreed to in October.
The government has also agreed to buy a ...