HBOS considered selling assets to help shore up its balance sheet, but opted instead to sell £4 billion in new shares,
Reuters reported.
Chief executive Andy Hornby told a press conference on Tuesday: "We looked at potential disposals (but) it was not in the interests of shareholders to make major disposals of quality businesses."
Asked if he'd sell pensions' provider Clerical Medical, its stake in wealth manager St James's Place or Australian subsidiary BankWest, Hornby said: "All three are performing well and are part of the HBOS portfolio and giving it balance."