China agreed yesterday to buy up to a £6.6 billion (€9.8 billion) share of Barclays bank, its biggest stake in a foreign company, as the country’s confidence as an international investor continues to grow The investment by the China Development Bank (CDB) in the British company potentially dwarfs China’s previous record foreign purchase – a $3 billion (£1.5 billion) holding in Blackstone, the private equity firm, bought in May. In turn, Blackstone advised the CDB on its deal with Barclays.
Chen Yuan, the governor of the CDB and a member of the State Council, the Chinese Cabinet, will take a seat on the board of Barclays. The agreement between the banks was discussed with Gordon Brown before it was signed yesterday at 5am.
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