International Petroleum Investment Corp, one of the Middle Eastern shareholders that invested in Barclays at the height of the banking crisis, is to dispose of its holdings in the UK bank at a substantial profit six months after making its £3.5 billion (about $5.75 billion) investment.

"Barclays notes the announcement by International Petroleum Investment Company of its intention to dispose of 1,304,835,721 Barclays shares for which its entire holding of Mandatorily Convertible Notes (MCNs) are exchangeable.  IPIC continues to hold warrants exercisable into a further 758,437,618 Barclays shares at a price of 197.775 pence per share," the UK-listed bank said in a statement.

Barclays’ raising of funds in the Middle East and via other routes has contrasted with the approach of Royal Bank of Scotland and Lloyds Banking Group – now the owner of HBOS – which both received UK public funds in the wake of the credit crunch. Barclays’ stance, like that of HSBC, has been seen as an attempt to avoid government control over activities such as its remuneration policy.

H.E. Khadem Al Qubaisi, Managing Director, IPIC, said in a statement:  "IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy."

He continued: "The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future. The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities."