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05.11.2008 Business & Finance

Barclays To Raise More Capital

Barclays Bank International has announced proposals to raise up to £7.3 billion of additional capital from existing and new strategic and institutional investors.

The capital , which is subject to approval by Barclays Bank's shareholders, will be effected through an issue of £3 billion of reserve capital instruments, with an associated issue of warrants and an issue of up to £4.3 billion of mandatory convertible notes.

 

The capital will enable Barclays to simultaneously achieve its tier one and equity capital issuance commitments, strengthen links with existing large shareholders and introduce a substantial new investor to Barclays, providing the opportunity for existing institutional shareholders to participate in the capital raising programme.

The bank has also released its interim management statement, stating that group profit before tax for the nine months ended September 30, 2008 was slightly ahead of what was obtained in 2007.

 

Income growth was strong and costs grew broadly in line with the rate of income growth.

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