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BUSINESS BRIEFING / BANKING

Barclays gets aid from Middle East

November 01, 2008|Times Wire Services

Middle Eastern investors will pump as much as $12 billion into Barclays, allowing the bank to strengthen its balance sheet without a bailout by the British government.

The move underscores Barclays' determination to retain its commercial independence, coming just weeks after peers agreed to stringent conditions to borrow taxpayer funds.

The Qatar Investment Authority, the Challenger investment vehicle led by the Qatari royal family, and Sheik Mansour bin Zayed al Nahyan of the Abu Dhabi royal family could end up owning almost a third of the bank as a result of the deal.

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