Rake Withdraws From Contest to Chair Barclays, Sunday Times Says

Sir Michael Rake, a contender to replace Marcus Agius as chairman of Barclays Plc (BARC), has withdrawn from the race, the Sunday Times reported, without saying how it obtained the information.

Rake, currently deputy chairman of the London-based bank, as well as chairman of BT Group Plc, was preferred by some of Barclays’ biggest shareholders, the newspaper said. Other investors wanted someone from outside the bank to be appointed, according to the report.

To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net