Barclays to raise in excess of 6.5 billion pounds
Barclays board said on Monday that is has determined that it will raise in excess of 6.5 billion pounds of Tier 1 capital.
Barclays to buy Russia's Expobank* The board expects that the additional capital will be raised from investors without calling on the government funding which has been offered to UK banks.
* This would result in a pro forma Tier 1 capital ratio as at 30 June 2008 of over 11%.
* The issue of preference shares to raise 3 billion pounds by 31 December 2008 as Barclays contribution to the commitment made by UK banks to increase Tier 1 capital by 25 billion pounds in aggregate by year-end.
* It would not be appropriate to recommend the payment of a final dividend for 2008.
* The issue of new ordinary shares to raise a further 3 billion pounds as soon as practicable after the announcement of our full year 2008 results.
* Our intention is that this should be before 31 March 2009.
* In the month of September, profit before tax very significantly exceeded the monthly run rate for the first half of the year.
* Balance sheet management and operational efficiencies to release at least a further 1.5 billion pounds in equity resources.
* Our intention is to resume dividend payments in the second half of 2009.
|
|
