Barclays Said to Seek Shareholder Approval on Contingent Capital

Barclays Plc, the U.K.’s second-largest bank by assets, will seek shareholder approval in April to sell contingent convertible notes to bolster its balance sheet, according to a person with knowledge of the matter.

Barclays will put the plan to issue the bonds, which become shares if its core Tier 1 equity ratio drops below a set level, to shareholders at its April 25 annual meeting, said the person, who asked not to be identified because the plan is private. The bank may ask to sell as much as 7 billion pounds ($10.6 billion) of the securities, according to the Sunday Telegraph, which reported the plans earlier. A Barclays spokesman in London declined to comment.