QBE to raise A$2.1 bln capital in share issue, sucking cash out that banks wanted

Australian insurer QBE has announced plans to buy 4 underwriting agencies in the United States and 1 in Europe for A$1 billion and that it plans to raise A$2.1 billion in fresh capital through share issues, further depleting the spare cash in the Australian market while the big four banks complete their own capital raisings. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.