Barclays must raise €14bn amid capital shortfall

British bank Barclays has to raise £12.8bn (€14.72bn) following a review by the UK Prudential Regulation Authority, which exposed a capital shortfall.

Barclays announced that it intends to raise £5.8bn through a rights issue, which will see one new share issued for every four existing ordinary shares.

The issue price will be £1.85, which is a 40% discount on the bank’s closing price at the end of trading on Monday.