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  1. Wealth
October 31, 2008

Barclays to raise £7.3 billion from Middle East

By Spear's

Barclays has announced it will raise £7.3 billion in new capital, through deals with the Qatar Investment Authority and Abu Dhabi Investment Authority.

Barclays proposes to raise £7.3 billion capital through new and existing investors, without calling on the UK government for help. It will issue £3 billion of reserve capital instruments with an annual coupon of 14 percent, and up to £4.3 billion of mandatorily convertible notes to Qatar Holding and Sheikh Mansour Bin Zayed Al Nahyan.

Barclays estimates that the move will bring its Tier 1 capital ratio up to 11.3 percent. The bank also reported that group profits for the first nine months of 2008 would be up on last year’s results.

For further details visit thewealthnet

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