There were a few grumbles from Barclays shareholders yesterday over the abrupt departure of Abu Dhabi as a core investor in the bank. When the rescue deal was announced last October, the Gulf state was portrayed as a long-term stategic partner that would open doors for Barclays in the region. Instead, it is heading for the exit after less than eight months, clutching a £2 billion profit.
In truth, the moans sound like sour grapes. The strategic claim was always a bit of fig leaf. Abu Dhabi and Qatar were simply the only investors with deep enough pockets and big enough cojones to take such a risky punt and deliver the money in days to a bank that would otherwise have had to surrender its