Barclays turn to Qatar and Abu Dhabi

Oct. 31 - British bank Barclays is raising 7.3 billion pounds (12.1bn USD) from investors from Qatar, Abu Dhabi so it can avoid taking UK government rescue cash.

The fundraising is being made through a range of complex capital instruments, which could see Middle East investors owning about one third of the bank. An issue of reserve capital instruments (RCIs) will pay annual interest of 14 percent until June 2019. Warrants representing billions more pounds could also be issued.

Andrew Potter reports.