Deeply concerned with the historic financial and social fabric of the ancient and venerable institution, Barclehs shareholders may be staging a mass exodus come November 24th during the special meeting of the firm' shareholders. At issue is the bank's latest and massive capital raise of GBP 7 billion.
When asked about the capital raise informally, the shareholders seemed to approve, but as soon as the details emerged, rebellion quickly began, and spread. Bank officials expressed dismay and surprise at the change of shareholder heart that spread after the investor list was distributed.
The new investors, including Qatar Investment Authority and Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi's royal family, are getting significant returns, but not inordinate considering the crisis atmosphere that has taken hold in the sector.
The Financial Times has more:
Several other large Barclehs shareholders have voiced anger. Another said: "We have given the message to the bank that we are very unhappy with what it has put in place. The bank did not give existing shareholders a chance to participate on the same terms as new investors."
Barclays' Mideast deal hit by dissenters [The Financial Times]