Barclays
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 147,000 people.
Barclays executives to receive no bonus this year, MidEast investors agree to more participation by institutions in proposed fundraising
Barclays PLC said no bonuses will be paid to executives of the bank for 2008 and the entire board will seek re-election at the group’s AGM in April 2009, while Middle Eastern investors taking part in the recently announced £7 billion fundraising have agreed to make up to £500 million of the money they initially pledged available to institutional shareholders.
Barclays is attempting to counter criticism over the fundraising announced on October to avoid a bailout by the UK government. It is planning to raise money from Middle Eastern investors to maintain independence. Institutional investors have criticised the planned fundraising as more costly than accepting government cash.
Barklays said today Qatar Holding LLC and entities representing the beneficial interests of Abu Dhabi royal Sheikh Mansour Bin Zayed Al Nahyan are making £500 million of reserve capital instruments , excluding warrants, available to Barclays institutional investors by way of a bookbuild placing.
Barclays has held discussions in recent days with Qatar Holding and Sheikh Al Nahyan linked entities who agreed in October to invest substantial funds into Barclays, and the investors wish institutional investors to be able to participate further in the capital raising. The investors have each offered to make available up to £250 million of reserve capital Instruments for clawback by existing Barclays institutional investors.
Today’s proposals will be put to Barclays shareholders on November 24 2008.
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