Barclays Finance Director to go

Barclays Bank financial Director Chris Lucas at the young age of 52 is retiring from Barclays, currently under investigation from the FSA as to his role in the deal that saw the Qatar Investment Fund buy over £5 billion pounds worth of Barclays Bank shares back in 2008. The terms of the deal were seen as more favourable than for any exisiting investors at that time and have netted the Qatari fund £1.7 billion from selling warrants that were part of the transaction.

While RBS and LLoyds had to go to the Government  for aid or go broke, Barclays managed to retain its independence but the FSA are currently investigating the terms of this transaction that gave the QIF 6.7% of Barclays.

The fund itself was set up provide capital streams not connected with oil or gas, where in the latter product they are thought to have over 200 years supply and with relatively new technology, the gas can be exported frozen, so no further need for expensive and vulnerable pipelines.