HQ Bank shuts down trading, raises equity against losses
Sweden’s HQ Bank, one of the country’s largest market makers, will shut down its trading business and announced a Skr559m ($70m) rights issue to cover any resulting losses, it said on Wednesday.
"As a consequence of the intensified financial turmoil and changed market conditions HQ has decided to close the groups trading operations," HQ said.
The bank lost Skr200m in the second quarter from speeding up the closure of the business but this will go up depending on market conditions
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