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The stake sale could also fuel further investor anger after the bank's decision to bring on board Middle Eastern investors without giving existing shareholders the opportunity to take part.

Barclays boss John Varley also insisted the group would continue to develop its "strategic and commercial relationship" with the investor.

The move is set to net a large profit for Ipic, which bought shares in Barclays amid last October's stock market crisis as part of a 7 billion fundraising from Middle Eastern investors. Barclays shares plunged 13 per cent as Balenciaga Nano Edge

The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future."

that it would maintain a "close" relationship with the banking giant despite announcing plans to offload part of its stake.

The cash raising was designed as a swift way to bolster Barclays' balance sheet and avoid turning to the Government for money. But shareholders were angered at not being offered a chance in a wider cash call.

But Ipic Bottega Veneta Mens Toiletry Bag

Middle Eastern investor selling large stake in Barclays

stressed the decision was based on its strategy to focus on oil and gas.

International Petroleum Investment Corp (Ipic) an investment vehicle of the Abu Dhabi royal family said it aimed to sell the equivalent of 1.3 billion shares in the bank.

Barclays shares were at a low point of around 66p at the start of the year.

Khadem Al Qubaisi, an Abu Dhabi royal and managing director of Ipic, added: "Ipic has a high regard for Barclays and great confidence in its management team Bottega Veneta Intrecciato Silk Stretch Knot Clutch and ongoing strategy.

Ipic is set to realise a windfall on the shares after seeing Barclays stock rally nearly five times higher in recent months as the threat of nationalisation has receded.

One of Barclays' biggest Middle Eastern investors said Bottega Veneta Hobo

investors saw the move as a sign to take profits following a recent strong run for the stock.

However, investors took news of the stake sale badly, having been assured last autumn that Ipic was a long term investor.