National Westminster Bank PLC, Britain’s biggest bank,...
National Westminster Bank PLC, Britain’s biggest bank, said it has put off a plan to raise about 100 million pounds ($180 million U.S.) through a public stock offering in Japan. The bank said it decided to do so “in view of the significant changes which have taken place in the world equity markets since the middle of October.” Tokyo share values are 12.5% down from levels in mid-October. The bank’s shares, meanwhile, have dropped nearly 24% in value since Sept. 21, when it applied for permission to issue shares in Japan.
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