MyFinances.co.uk
News feeds Free newsletter

All the latest personal finance news - helping you make the most of your money

Savings & Investments
Barclays claims it is well-capitalised and has not asked for government cash

Recommended ... 

Barclays confident of growth

Tuesday, 07 Oct 2008 11:40
Barclays predicts there will be more opportunities to grow in the credit crunch.

The bank said its recent acquisition of the investment banking arm of Lehman Brothers and the Goldfish credit card business earlier in the year could not have happened without the credit crunch.

"There will be growth opportunities. Now is the time to be ready for them," group chief executive John Varley told an investors' conference.

Mr Varley also quizzed on speculation the major banks have asked the government for £50 billion in capital to ease the liquidity crisis.

"Contrary to press rumours, Barclays has not requested capital from the government and has no reason to do so," Mr Varley said.

In his speech, Mr Varley emphasised the strength of Barclays capitalisation and said capital ratios are running "well above target".

The bank has also adopted more conservative attitudes to lending and risk during the crisis, Mr Varley said.

Royal Bank of Scotland, whose shares fell by 30 per cent to a low of 90p this morning, is also due to make a presentation at the conference today.

Recommended ... 

    • Get a great investment quote

      Fill in one simple form and we will put you in touch with an investments advisor who will compare investment opportunities and provide you with a free no obligation investment quote.

Comment on this story... 

Name 

Location 

Email 

Comment 

Enter the text shown to the right

By submitting this form you agree to our website terms of use and our privacy policy.

Disclaimer:
myfinances.co.uk is not authorised to give advice under the Financial Services and Markets Act 2000.

Terms:
By using this site, you are deemed to have accepted our terms of use.

Free brochures 

Compare now