London - Britain's biggest mortgage lender, the Halifax Bank of Scotland (HBOS), Tuesday became the second leading bank to ask shareholders to bolster its finances in the wake of the credit crunch. The Glasgow-based bank said it needed to "consolidate its competitive position" through a rights issue totalling 4 billion pounds (8 billion dollars).
Under the scheme, shareholders will be offered two new shares at 275 pence for every five held.
The bank also announced write-downs of 2.8 billion pounds as a result of the squeeze on credits.
Last week, the Royal Bank of Scotland (RBS) made a 12-billion- pound cash call to shareholders.
