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Europe banks trump US for rescue capital

European banks have raised almost double the amount of capital from equity offerings than their US peers since the onset of the credit crunch, as they seek out fresh funds to repair the damage to their balance sheets wrought by massive writedowns.

Banks in Europe have raised $57bn (€37bn) from rights issues and private placements in the last nine months, while their US counterparts have taken $33bn through convertible bonds and private placements, according to data provider Thomson Reuters.

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