Barclay’s taps sovereign funds for money
Malaysia Sun
Monday 16th June, 2008
British bank Barclays is on the verge of claiming 4 billion pounds from several large Asian sovereign investment funds.
The newspaper said that Barclays had been in talks with about six investment groups, including state-linked China Development Bank and Singapore investment firm Temasek Holdings.
China's CDB and Temasek of Singapore already own large stakes in Barclays.
Bank sources have said the fundraising could be complete over the next two weeks, at which time Barclay's will become the latest British bank to seek additional funding due to the worldwide squeeze on credit.
Many of the world's leading banks have suffered major losses related to the collapsed US subprime housing sector and the subsequent tightening of lending conditions.
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