Barclays Seeks Liquidity With $8.85B Offering

More than half will be bought by Qatari, Japanese investors
By Jim O'Neill,  Newser User
Posted Jun 25, 2008 8:45 AM CDT
A woman leaves a branch of Barclays Bank in central London.   (AP Photo/Sang Tan)
camera-icon View 2 more images

(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.