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Barclays bank under pressure regarding Middle East fundraising

Slowly but surely the details of the £7 billion fund raising which Barclays carried out in the Middle East are starting to trickle into the market. It now turns out that the effective interest rate on the fundraising is a massive 13% compared to much more competitive terms on offer from the UK government. The fundraising is not complete yet and will require the authority of shareholders who are starting to make noises about possibly rejecting the offer.

This was always the worst case scenario for Barclays bank as the main reason for the overseas fundraising was the fact that the UK government was looking to attach terms and conditions to the rescue package. Many believe that the Barclays bank management could come under serious pressure over the next few weeks with some investors suggesting that the banks culture has been put ahead of shareholders in this particular instance.

The UK banking sector is by no means out of the woods yet and management would require the support and assistance of all shareholders to make any major changes. The fact that Barclays appears to have ignored the thoughts of many larger investors is a growing concern.

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