HBOS, which has seen its shares hit by the turmoil surrounding Bradford & Bingley’s rights issue, will only complete its £4bn capital raising in mid-July.

The bank, which is the UK’s biggest mortgage lender and has 2m retail investors, published its rights issue timetable on Wednesday and plans to hold its extraordinary general meeting for shareholders in Edinburgh on June 26. This will leave its shares under pressure for the next six weeks.