Barclays highlights from 2008

We thank our customers and clients for the business they directed to Barclays in 2008

 

Despite the tough market conditions in 2008, Barclays profit before tax for the year was £6.1bn. In fact every one of our businesses was profitable last year.

Commenting on this performance, Barclays Group Chief Executive John Varley said: "We thank our customers and clients for the business they directed to Barclays in 2008. High levels of activity on their behalf have enabled us to report substantial profit generation in difficult conditions."

Here are a selection of the key events impacting Barclays in 2008:

February: Barclays agrees to buy the UK credit card business of Discover Financial Services, including cards issued under the Goldfish brand

March: Barclays agrees to buy Russian bank Expobank for approximately US$745m (£373m)

July: As a result of a £4.5bn capital raising move, Barclays welcomes Qatar Investment Authority and Sumitomo Mitsui Banking Corporation to its share register

September: Barclays agrees to acquire Lehman Brothers North American investment banking and capital markets operations and supporting infrastructure

September: Barclays agrees to acquire PT Bank Akita, a privately-owned bank with ten outlets in three major cities in Indonesia

September: Barclays launches an institutional share placing, raising £700m

October: After the UK government places new capital requirements on all UK banks, Barclays agrees to issue £3bn in preference shares before the end of 2008 and £3.6bn in new ordinary shares after 2008 Full Year Results in February 2009

November: Barclays raises more than £7bn through the offer of securities to existing and new strategic and institutional shareholders.