Mar 23, 2017
Qatari connection casts long shadow over Barclays
Nearly a decade later, the long shadow of that emergency funding still hangs over the bank. Side arrangements that Barclays promised to Qatar have prompted a litany of litigation and investigations over whether Barclays properly disclosed fees paid to the Qataris - and whether it secretly loaned them money to then reinvest in the bank. A separate £72m fine meted out by the FCA on Barclays in 2015 underscores the continuing Qatari influence on the bank. Even though Barclays is still committed to the Gulf region, the bank's own strategy there has in effect been put on hold until the various matters are resolved, according to a bank official, who, like the dozen other individuals to whom the Financial Times spoke, would only do so anonymously because of legal sensitivities. The financial crisis deepened: the Qataris had subscribed in June for ordinary shares at 282p. By October 10, Barclays shares traded at 207.5p. That weekend, the Treasury held an emergency meeting over whether to bail out Royal Bank of Scotland, HBOS, Lloyds Banking Group and Barclays.
Related companies
Make a complaint about Barclays by viewing their customer service contacts.
