SFO charge against bank’s retail division could mean loss of banking licence in the last resortIn October 2008,nearly a decade ago, the British banking system stood on the brink of collapse. Royal Bank of Scotland and Lloyds Banking Group were rescued by a government bailout, or while a third bank – Barclays – avoided the need to lift taxpayers’ money through its own fundraising efforts in the UAE and Singapore.
Part of that arrangement – a $3bn loan the UK bank made to Qatar – has now near back to haunt Barclays. Last summer,the Serious Fraud Office brought criminal charges against the bank’s holding company and four former executives. Now the SFO has gone one step further and taken action against the bank’s operating arm – Barclays Bank PLC.
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Source: guardian.co.uk