Report says Barclays seeks billions for ABN

Singapore: Britain''s Barclays is ostensibly in talks with the governments of China and Singapore to raise 10 billion pounds ($20.6 billion) to contribute to its planned purchase of Dutch bank ABN AMRO.

A deal could put an end to the three-month old bidding war for ABN, and fructify the world''s biggest bank takeover. Barclays'' existing all-share offer for ABN has been rivalled by a higher, mostly cash bid by a consortium led by the Royal Bank of Scotland.

As per sources, if Barclays talks with China and Singapore succeed, China would get a 7 per cent stake and Singapore would own 3 per cent via its investment holding company, Temasek, in the new unified entity.

Barclays had earlier said that it may add cash to clinch its agreed €65 billion ($90 billion) offer for ABN.