HBOS shares remain below offer price

Halifax Bank of Scotland’s £4bn (€5bn) investor cash-call today looked doomed to be one of the biggest failed rights issues ever, despite shares rallying as banks soared higher.

HBOS saw its shares rise 5% today amid a rebound in the banking sector after suffering hefty falls earlier this week, with rivals Royal Bank of Scotland and Barclays also up, by 10% and 8% respectively.