Barclays raising 4 billion pounds

Barclays is raising 4 billion pounds (~$8 billion) from Asian sovereign wealth funds purportedly to sure up its balance sheet as the credit crisis continues unabated.

From Market Watch:

Barclays PLC (BARC.LN) is close to raising GBP4 billion from sovereign wealth funds, according to a report in the Sunday Times.

The report said it is thought that at least six possible investors are in talks with the bank and that three of these parties will be selected. The first opportunity is being offered to China Development Bank and Temasek Holdings the report said.

Barclays declined to comment.

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