Jul 28, 2011 at 12:13 PM
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Barclays Doubles Investment in London Bike Program With Additional $41 Million

In marking the Barclays Cycle Hire (BCH) program's first birthday, it was announced that Barclays will retain title branding through 2018 in a new $41 million extension. The public bicycle sharing program, commonly referred to as “Boris Bikes,” has made nearly 6,000 bikes and 400 docking stations throughout London. The scheme offered more than six million rides in the first year.

The additional £25m takes Barclays total investment in the program to £50m ($81.6 million). The funding, officials said, will be used to put 2,000 more cycles and 4,200 extra docking points into the system.

"One year ago I launched a glorious new form of public transport in London," said Boris Johnson, the Mayor of London. "Today it is testament to the huge impact of Barclays Cycle Hire and to the rapidly increasing popularity of pedal power in London that I can announce we are now planning to swathe a huge chunk of the west of our city with our beautiful blue bikes."

"Barclays commitment to citizenship, including the role we play in the communities we serve, is one of Barclays four execution priorities," Bob Diamond, Chief Executive, Barclays Bank PLC, remarked. "Barclays Cycle Hire is a visible example of that commitment, and we are proud to be associated with the scheme and its further expansion."

More than 128,000 people are now Barclays Cycle Hire members.