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China Development Bank to take part in Barclays' capital plan

(Xinhua)
Updated: 2008-06-26 13:56

China Development Bank (CDB) confirmed on Wednesday its participation in Barclays' plan to raise capital, but gave few details.

A CDB official said the decision was aimed at consolidating the bank's position as Barclays' biggest shareholder and showing its confidence in the UK bank's strategy and prospects.

He said CDB and Barclays had cooperated in various fields since signing a stake-purchase agreement and a cooperation memorandum last year. The strategic relationship had strengthened CDB's confidence in Barclays' long-term value.

He applauded Barclays' management and recognized its achievements, adding CDB would continue strategic cooperation with Barclays.

Barclays announced Wednesday it would raise approximately 4.5 billion pounds ($2.28 billion) through the issue of 1.58 billion new ordinary shares.

The issue would further Barclays' existing relationships with a number of its largest shareholders, including CDB and Temasek Holdings, said the bank in a statement on its website.

CDB, founded in 1994, serves as a policy bank under the direct jurisdiction of the State Council (cabinet) and has 32 branches and four representative offices across the country.

Barclays is the largest issuer of credit cards in Europe and the third largest banking group in the United Kingdom.