Barclays might receive cash infusion

Barclays PLC might receive about $927 million from Sumitomo Mitsui Financial Group Inc. to bolster its depleted balance sheet.
JUN 20, 2008
By  Bloomberg
Barclays PLC might receive about 100 billion yen ($927 million) from Sumitomo Mitsui Financial Group Inc. of Tokyo as part of a plan to add capital to its depleted balance sheet, a person with knowledge of the plan told Bloomberg. Sumitomo Mitsui, will make the investment through its Sumitomo Mitsui Banking Corp. unit, the person said, declining to be identified because the deal hasn't been completed. Representatives of Sumitomo Mitsui Banking of Tokyo and Barclays declined to comment in the report. London-based Barclays, which has been hit with 1.77 billion pounds ($3.35 billion) of write-downs, said earlier in the week it might sell stock to existing shareholders and try to raise capital overseas, Bloomberg reported. Sumitomo Mitsui's stake would amount to about 2.3% of the bank's share capital, based on Barclays's Thursday closing price of $25.57. Barclays also may get investments from current shareholders Temasek Holdings of Singapore and China Development Bank of Beijing, analysts at NCB Stockbrokers Ltd. of London told Bloomberg. Under the terms of the agreement, Barclays and Sumitomo Mitsui will work together on projects in Asia, said the person who declined to be identified. The companies may announce their deal by the end of June, the person said.

Latest News

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

Farther adds $120M firm with science-backed approach to wealth management
Farther adds $120M firm with science-backed approach to wealth management

The latest addition to the tech-driven firm combines wellness and finances.

Cutting back on fun: a third of Americans plan to reduce spending on vices
Cutting back on fun: a third of Americans plan to reduce spending on vices

Your clients are likely to be spending on vices, depending on their generation.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.