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October 13, 2008 8:59:28 AM CDT

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Barclays Seeks Liquidity With $8.85B Offering

Posted Jun 25, 08 8:45 AM CDT in Business 

(Newser) – Add Barclays to the ranks of banks that are floating new shares in an effort to restore liquidity in the lingering wake of the subprime debacle, reports the AP. Barclays will offer up $8.85 billion in shares—with large stakes being purchased by Japanese bank Sumitomo Mitsui and the Qatar Investment Authority.

"Through our capital raising ... we strengthen our capital base and give ourselves additional resources to pursue our strategy of growth through earnings diversification," says Barclays' CEO, adding that acquisitions might be a later strategy to spur growth.

Sources Associated Press, Wall Street Journal

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A woman leaves a branch of Barclays Bank in central London.   (AP Photo/Sang Tan)
People walk by a branch of Barclays Bank in London,.   (AP Photo/Sang Tan)
A sign of Barclays Bank, left, is seen beside a City of London dragon statue, at a branch in the City of London.   (AP Photo/Sang Tan)
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subprime crisis  • Barclays  • liquidity  • Royal Bank of Scotland  • stock offering  • Sumitomo Mitsui


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