HSBC is planning to raise more than £12bn through a share issue as the banking group seeks to shore up its capital buffers in order to cope with the global economic downturn.
The bank was last night finalising the issue, which is likely to be unveiled alongside its full-year 2008 results on Monday. However, people involved in the discussions warned that details such as the exact price of the offering had not been set and it could still be postponed. HSBC is also expected to announce a cut in its dividend.
