Is Barclays Bank on the verge of a substantial disposal?
Rumours are sweeping the market that the ongoing sale of Barclays Bank's iShares business is on the verge of being completed with a £3 billion price tag being suggested by market insiders. It is well known that the group has been in talks with CVC Capital Partners about the sale of the business with Barclays Bank likely to retain a 20% share for the future. As we covered on one of our earlier post, finance for the deal may well emerge from Barclays Bank itself with its corporate loans division said to be heavily involved.
The proposed sale of the iShares division forms a major plank of the recovery process the company is undergoing at this moment in time. The ability to escape the clutches of the UK government and the toxic asset insurance program should allow directors to have more freedom both now and into the future while some competitors remain firmly under government control. Whether this will have any major impact in the longer term remains to be seen, but Barclays Bank has emerged from the more recent banking crisis as one of the stronger in the sector.
It seems highly likely that we will see significant changes in the UK banking sector in the short, medium and longer term as governments around the world look to reduce the dependence upon financial institutions.
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