Barclays confident of growth
Tuesday 7th October 2008, 11:27AM BST.
Barclays is confident it can continue to grow through the credit crunch and predicts there will be more opportunities to grow.
The bank said its recent acquisition of the investment banking arm of Lehman Brothers and the Goldfish credit card business earlier in the year could not have happened without the credit crunch.
“There will be growth opportunities. Now is the time to be ready for them,” group chief executive John Varley told an investors’ conference.
Mr Varley also quizzed on speculation the major banks have asked the government for £50 billion in capital to ease the liquidity crisis.
“Contrary to press rumours, Barclays has not requested capital from the government and has no reason to do so,” Mr Varley said.
In his speech, Mr Varley emphasised the strength of Barclays capitalisation and said capital ratios are running “well above target”.
The bank has also adopted more conservative attitudes to lending and risk during the crisis, Mr Varley said.
Royal Bank of Scotland, whose shares fell by 30 per cent to a low of 90p this morning, is also due to make a presentation at the conference today.
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apart from hsbc, all the banks took a pounding today, rbs/natwest lost nearly half its value on the stock market, just as well the government is guaranteeing the 1st £50,000 of savings
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