China Development Bank (CDB, 国家发展银行) agreed to buy up to £6.6 billion share of Barclays Bank, which will be China’s record foreign purchase. Chen Yuan (陈元), the governor of the CDB and a member of the State Council of China will take a seat on the board of Barclays. The deal have been approved by the British government. Barclays sold another £2.4 billion share to Singapore government’s investment fund, Temasek at the same time.

After the agreed share sale, Barclays tabled a new cash-and-share offer for ABN Amro worth €67.5 billion, €2.7 billion higher than its previous bid.

The Times report.

The Guardian report. Barclays finds an ally in China in sturggle for ABN Amro.