Russia Offered To Buy Barclays Stake During Peak Of Financial Crisis [zero hedge]
Barclays PLC (BCS)
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Source: zero hedge
During the peak of the financial crisis when UK banking giant Barclays was struggling to avoid taking a U.K. bailout, the Russian government made a formerly unknown approach to the bank. According to a report by Bloomberg, Russia "signaled its intention" to take a 500 million-pound ($641 million) stake in Barclays according to minutes from an October 2008 finance committee meeting that were shown to a jury during a fraud trial of senior bank executives. That trial is ongoing and has been covered by us at length.Using the involvement of Hans-Joerg Rudloff, a Barclays banker with close ties to Russia, the country was seeking to take a 1.5% stake in the bank. The approach came to light as the bank was trying to close a deal with investors from Abu Dhabi and Qatar in order to avoid a government bailout. Barclays was said to have been "vary wary" about the investment proposal, according to the committee meeting minutes. Rudloff was, at the time, chairmain of Barclays Capital, the bank's in
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