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June 2, 2009

Abu Dhabi Sheikh offloads stake in Barclays

by Gill Montia

Story link: Abu Dhabi Sheikh offloads stake in Barclays

A Middle-Eastern investor who helped Barclays steer clear of Government aid during last autumn’s banking crisis, is selling over half of his stake in the bank.

Sheikh Mansour bin Zayed al-Nahyan, a member of the Royal Family of Abu Dhabi, invested £2 billion in Barclays via his International Petroleum Investment Company (IPIC).

The Sheikh’s holding of mandatorily convertible notes has reportedly doubled in value since last October when the bank raised £5.8 billion in total from investors in Qatar and Abu Dhabi.

Shareholders have since protested at the decision not to take part in the Government bail-out, accusing Barclays’ board of choosing a path that would exclude external demands over bonuses above the interests of existing investors.

Commenting on the group’s relationship with IPIC, chief executive, John Varley, said: “In the period since IPIC took a position in Barclays in 2008 we have been able to broaden our strategic and commercial relationship, and we look forward to developing this further going forward.”

 

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