HSBC Holdings Plc, the largest European bank, on Monday announced it would initiate a rights offering to raise 12.85 billion pounds ($17.7 billion) as it copes with heavy losses in the United States.

The U.K.-based firm also announced it would be shutting down its U.S. consumer business, cutting 6,100 jobs in the process.

The company indicated, however that it was also going to look for acquisitions in Asia.

“The Rights Issue enhances HSBC’s ability to deal with the impact of an uncertain economic environment and to respond to unforeseen events and gives HSBC options in relation to opportunities for those with superior financial strength,” the bank said in a statement.

HSBC would sell 5.1 billion shares at 254 pence each in a 5-for-12 rights issue.

HSBC American Depositary Shares fell $6.55, or 18.8 percent, to close at $28.25 in trading on the New York Stock Exchange.

The proposal is subject to shareholder approval on March 19 of this year.

The move would strengthen the bank’s core equity tier 1 ratio to 8.5 percent. The tier 1 ratio would go up to 9.8 percent.

Investment HSBC