Blame it on Basel: Denmark’s Alm turns to shareholders
Alm Brand, a 200-year old Danish bancassuance group, announced plans for a highly dilutive rights issue of Dkr1.5bn-Dkr1.7bn ($269m-$305m) this week, saying it needed to raise capital to meet Basel III and Solvency II requirements and to help make provisions for expected writedowns at its banking subsidiary.
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