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EUROPE
Royal Bank of Scotland, the second-largest bank in the UK, issued $925 million of preference shares in the form of American Depositary Receipts.
A portion of the proceeds may be used to help pay for RBS's acquisition of Cleveland, Ohio-based Charter One Financial, which is expected to close by the fourth quarter of 2004. Proceeds will also be used to strengthen RBS's capital base and for general corporate purposes.
The use of ADRs as...
