The criminal probe will focus on payments made four years ago to Qatar Holdings LLC, part of  sovereign wealth fund Qatar Investment Authority. 

The SFO will look into the bank’s 2008 fundraising, after concerns were raise about the fees paid by the bank relating to the deal, the Telegraph reports. 

A statement from Barclays confirmed it was under investigation by the SFO in relation to “payments under certain commercial agreements between Barclays and Qatar Holdings LLC”.

Last month, the bank confirmed four of its former and current managers – including its finance director – were being investigated by the Financial Services Authority (FSA) over payments linked to Qatar’s £2bn investment in June 2008. 

It is understood the FSA has given details of its investigation to the SFO, prompting the department to begin its own investigation. 

The Telegraph reports a source close to the investigation said “Barclays as an organisation, not individuals” would be the focus.