Barclays Seeks $7.8B From Sovereign Wealth Funds

UK bank's stock soars as investors support plan to recapitalize
By Jim O'Neill,  Newser User
Posted Jun 16, 2008 7:40 AM CDT
People walk pass a branch of Barclays Bank, with Westminster Abbey reflected on its window,    (AP Photo/Sang Tan)
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(Newser) – The UK’s fourth-largest bank, Barclays, is looking to raise capital by issuing $7.8 billion in new equity, underwritten by sovereign wealth funds, the London Times reports. The announcement sent shares soaring in trading today. Barclays has been rumored for weeks to be considering a cash infusion, joining a number of other banks looking to recapitalize after getting pinched in the credit crisis.