Shares in British bank Barclays tumbled by nearly 15% in London today after Abu Dhabi's state-owned International Petroleum Investment Company said it would sell part of its stake.
IPIC said in a statement that it would sell the equivalent of 1.3 billion shares worth £4 billion, or up to 13.5% of Barclays.
The sale, which is being handled by Credit Suisse and began today, will leave IPIC with 5% of Barclays.
Last year, Barclays secured a £7 billion capital injection, largely backed by oil-rich investors from Abu Dhabi and Qatar, as it sought to avoid taking British government funds like many rival banks.
Abu Dhabi's shock move comes after Barclays shares had surged by around 50% in value since last October. IPIC did not reveal the price of its share sale but the state-backed firm will reap a considerable profit.
Barclays has spurned British government cash and instead secured extra capital from elsewhere to protect its finances from the devastating credit crunch.
In London, Barclays shares were 13.5% lower at just under 274p this evening.
