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The Vauxhall operation at Ellesmere Port in the north-west of England appears under serious threat as the UK car market continues to fall to new lows. As we covered in one of our earlier articles...
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Friday 6th June 2008
While Royal Bank of Scotland (RBS) may be on the verge of securing one of the largest UK fund raisings of recent times, via a £12 billion rights issue, a report from Deutsche Bank AG suggests that RBS may need to return to the market some time soon for more funding. The report from Deutsche Bank AG does not suggest that RBS is in any trouble. But it does cast doubt on the strength of the group’s Tier 1 capital position in comparison to their UK competitors.
It seems that the even after the planned fund raising and sale of the insurance division, RBS may still need to return to the market over the next couple of years to bolster their financial position. While the group has grown rapidly over the last few years it appears that the ongoing credit crunch seems to have hit them harder than most with many acquisitions yet to ‘bed down’.
It will be interesting to see how this story develops as there is already much speculation and concern about the current £12 billion rights issue. General market conditions seem to have deteriorated further and this will be a big test of investor appetite for rights issues. |
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