Barclays Bank to launch $5.8bn offer

Barclays Bank is to launch a $5.8 billion rights issue next week to help meet a regulatory demand to plug a hole in its balance sheet.

The bank will sell the new shares on September 13 priced at 185 pence per share.

The bank said in a statement that the sale of shares worth about 9.0 billion dollars will help plug a balance sheet gap.

The statement added that the new shares would be available from the close of business a week on Friday.

In June, the Bank of England's Prudential Regulation Authority ordered Barclays to find 12.8 billion of additional capital following a review of top lenders.

The bank’s Ghanaian subsidiary returned to profitability last year after reforms by out gone Managing Director, Benjamin Dabrah. It posted a profit of more than 100 million Ghana Cedis.