SFO charges Barclays Bank

SFO charges Barclays Bank

"The SFO has today charged Barclays Bank PLC with the same offence in respect of the loan as charged against Barclays PLC on 20 June 2017", a statement from the bank said on Monday.

Barclays Bank has been charged by the Serious Fraud Office (SFO) with "unlawful financial assistance" in relation to billions of pounds it raised from Qatari investors a decade ago.

The bank has been accused of "unlawful financial assistance" following the loan to Qatar Holding that was used to buy shares in the bank in 2008.

Barclays undertook two cash calls in 2008, raising £4.5bn in June and a further £7.3bn in October from investors in Qatar, Abu Dhabi and elsewhere.

The bank was understood to have been in talks with the SFO about making a deal to avoid the charges, since they could affect the bank's ability to operate globally.

"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a effect of the charge having been brought", the bank said in a statement.


The SFO investigation arose amid concerns that Barclays may have been in effect lending itself money, known as "financial assistance", which is illegal.

Barclays' share price has advanced in today's session, having jumped 1.22 percent to 195.25p as of 09:22 GMT. They were also charged with conspiracy to commit fraud.

Former chief executive John Varley, former senior investment banker Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays' wealth division, and Richard Boath, the ex-European head of financial institutions, were all charged in relation to that investigation.

Analysts at Keefe, Bruyette & Woods said that while it was unhelpful for Barclays that the SFO has added charges, it should not change the dynamics of the case materially.

"However, it is negative that the group hasn't been able to settle a number of outstanding litigation issues, with outstanding litigation representing an unhelpful distraction to the management of the core franchise", the broker pointed out in a note to clients.

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