HSBC has completed its 12.5 billion ($18.6 billion) share rights issue after investors took up 96.6% of the new stock on offer.
Europe’s biggest bank had launched the cash call after it revealed a 62% drop in pre-tax profits for 2008.
However, the bank has not been forced to take state support during the current crisis.
Its right issue offered 5.06 million ordinary shares to existing shareholders on the basis of five new shares for every 12 already held.
The stock was heavily discounted at 254 pence a share.
On Friday, HSBC shares closed at 434.5 pence each in London.
In a statement, the bank said the rights issue will boost its capital ratios by 150 basis points.
HSBC chief executive Stephen Green says the response of investors “underlines our determination that HSBC should maintain its signature financial strength, which has served us so well”.
News of the high investor take-up boosted European stock markets, with benchmark indexes up 0.81% in London, 1.03% in Frankfurt and 1.16% in Paris, the Associated Press reports.
Remaining shares from the issue will now be sold on the open market.
D.C.