HVB Group played down claims yesterday (Thursday) that it was planning to launch a Eu3bn-Eu4bn mandatory convertible as investors became increasingly jittery about the next bank to raise new capital. HVB's share price fell 10.5% yesterday after a German newspaper claimed it was planning a large mandatory bond. In an internal memo to employees, HVB chief executive Dieter Rampl did not deny that the bank was considering the deal: "We are of course examining all options to improve our capital base," he said.
February 28, 2003