New blow for Barclays with pound sterling1-bn mis-selling hit
- Published: 5 Feb 2013 at 17.44
- Online news: World
Barclays bank set aside another pound sterling1.0 billion on Tuesday to cover compensation for mis-selling credit insurance and interest rate hedging products, adding to its problems after the Libor rate-rigging crisis.
A Barclays branch in northern London on February 21, 2006. Scandal-hit bank Barclays said Tuesday that it will set aside another £1 billion to cover compensation for the mis-selling of both credit insurance and interest rate hedging products.
The British bank has decided to increase its provisions by the equivalent of $1.6 billion or 1.2 billion euros following a review.
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