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July 24, 2007
China Development Bank Takes a Stake in Barclays
"Eight years ago, Asia as a whole was desperate for money but now it is desperate to spend it."
So says one economist quoted in a Financial Times story on China Development Bank's investment, along with Singapore's Temasek, in Barclays. The British bank is piling up additional capital in order to increase its chances of winning its fight to acquire ABN Amro.
China Development Bank has agreed to invest a little over $3 billion of Barclays now, and another $10.5 billion if Barclays succeeds in acquiring ABN Amro.
While this investment is China's largest outbound investment ever, expect more announcements such as this one; these figures are a pittance relative to the roughly $200 billion in reserves earmarked for such investment.
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