/world business
LONDON, England (CNN) -- Shareholders in Royal Bank of Scotland are Thursday due to vote on whether to accept a $30 billion bail-out plan to survive the credit crunch.
Under the deal, 60 percent of the UK bank, one of hardest hit by financial turmoil in the wake of the collapse of the U.S. sub-prime mortgate sector, could could be placed in government hands.
At a meeting in Edinburgh, shareholders are expected to approve the creation of $22 billion worth of ordinary shares but at a price that only the government is expected to be interested in buying them.
The move follows a $17.8 billion rights issue by RBS earlier this year as the bank struggled in the wake of its acquisition of Dutch Bank ABN Amro -- turmoil that cost chief executive Fred Goodwin his job.
RBS is expected to make its first full-year loss as a public company.
The UK Press Association reported that more than half of RBS investors have to approve the latest fundraising exercise.
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