Updated from 1:45 a.m. EDT

Barclays ( BCS) said Friday it plans to raise up to 7.3 billion pounds ($11.8 billion) of additional capital from existing and institutional investors.

The move allows the British bank to avoid taking funds from the U.K. government.

The main investors are in Qatar and Abu Dhabi, Barclays said in a statement.

Barclays needed to raise funds to meet new U.K. government capital benchmarks for its banks as part of the government's 400 billion pound bailout plan laid out earlier in October.

Some of the U.K.'s biggest banks have turned to the government for funding, but Barclays sought to avoid selling shares to the U.K. government, a move that would carry conditions such as limits on dividend payments to shareholders and would give the government a say in some board seats, the Wall Street Journal reported.

The bank estimated, taking into account the new investments, on a pro forma basis its tier one ratio would have been 11.3% as of June 30.

Barclays also said nine-months pretax earnings were ahead of a year earlier. The company said its third quarter would includenet lossesfrom credit market writedowns of 129 million pounds, made up of writedowns of 1.2 billion pounds offset by 1.1 billion pounds gains on the fair valuation of issued notes.

This article was written by a staff member of TheStreet.com.

More from Stocks

PayPal Wants to Consolidate the World of Rewards Points

PayPal Wants to Consolidate the World of Rewards Points

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Complying With Europe's New Data Rules Could Be Costly for Facebook, Google

Complying With Europe's New Data Rules Could Be Costly for Facebook, Google

Dow Tumbles as Trump Calls Off North Korea Summit

Dow Tumbles as Trump Calls Off North Korea Summit

Jim Cramer: Why I am So Bullish on Apple's Services Revenue

Jim Cramer: Why I am So Bullish on Apple's Services Revenue