Barclays Expects $8.8 Billion Net Gain From BGI Sale

Barclays Plc will reap a net gain of $8.8 billion from the sale of its Barclays Global Investors unit to BlackRock Inc., boosting its capital ratios.

The sale of the asset management unit will increase the bank’s core Tier 1 capital ratio, a measure of financial strength, by 150 basis points to 8 percent as at Dec. 31, 2008, the London-based lender said in a statement today.

“A transaction like this gives us a lot of comfort,” Barclays President Robert Diamond said in a Bloomberg Television interview today. “We’re in an opportunity-rich environment, so having deeper capital ratios right now is a good thing, and we’re in no rush to do anything.”

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- Posted: 2009-06-12 11:41:35

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