Barclays Gets Back to Business Despite Ongoing Libor Scandal

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After the successful launch of Pingnit a mobile money-transfer app in February, Barclays PLC (LON:BARC) (NYSE:BCS), now has come up with Mobile banking for Android and iOS. The surprise is that the banking giant does not have this facility before.

With this new app, available on Apple’s App Store and Google Play last week, one can manage their Barclays and personal Barclaycard accounts on the move. The new app also helps check balances, view recent transactions, transfer funds between accounts and locate your nearest Barclays branch or ATM. To avail the service one has to be 16+ and register their UK mobile number with current account. Initial login will require PINsentry identity confirmation or at a Barclays ATM. Barclays requires customers to have a debit card and full authority of their accounts (without the need for extra signatories in joint accounts) will be able to register for the app. The app can be  downloaded for free from both the Android and iOS. The Barclays Mobile Banking app only works with Android 2.3 and above, or iOS 4.2.1 and above.

Pingit is also a free to use app which allows users send and receive money by using a mobile phone number without the need to share bank details. Pingit was downloaded more than 400,000 times in the first eight weeks following its launch. Barclays hopes that receiving the same response for its Mobile banking app,will help, a bit, to improve its image after the recent involvement in the LIBOR scandal.

In another important news concerning Barclays PLC (LON:BARC) (NYSE:BCS), its former chief executive Bob Diamond is now being represented by top white-collar defense lawyer Andrew Levander. Diamond resigned last week over his alleged involvement in the scandal concerning manipulation of benchmark interest rates LIBOR (London Interbank Offered Rate). Levander who is known for his trademark bow ties, has also represented other high-profile convicts like former directors of Lehman Brothers Holdings Inc, former Merrill Lynch CEO John Thain, and hedge-fund manager and philanthropist Ezra Merkin. Barclays PLC last month agreed to pay USD 453 million to settle charges that it manipulated Libor.

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