Barclays turns to Middle Eastern backers

Thanks, but no thanks. U.K. bank Barclays plc said Friday it would shun state aid and instead sell up to £7.3 billion ($12.03 billion) of securities to private investors, potentially handing key Middle Eastern backers almost 32% of the lender.

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Barclays earlier this month agreed to boost its capital by around £10 billion to meet new requirements introduced by the Financial Services Authority. Buyers of the bank's new offering include Qatar Investment Authority and a member of Abu Dhabi's royal family. - Laura Board

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