Barclays is considering a takeover approach for Societe Generale‘s private bank in the UK in an effort to grow its clientele of affluent individuals.

Societe Generale, advised by Rothschild & Co, has begun to invite buyers to participate in an auction for its Kleinwort Hambros unit, according to Reuters.

As part of a strategy overhaul, the French corporation is reportedly preparing to sell its private banking operations in Switzerland.

Kleinwort Hambros, located in London, which managed more than £12bn ($15bn) in assets in 2022, might fetch up to £700m in a sale.

Lloyds Banking Group and wealth managers Rathbones and Raymond James are among those invited to submit a proposal for the division.

Discussions are still in the early stages, and there is no guarantee that a deal will take place.

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Barclays’ stake in Societe Generale British private bank follows its acquisition of Tesco‘s banking business as part of a strategy to shift its focus away from volatile investment banking earnings.

On 20 February, the British bank, headed by CEO C.S. Venkatakrishnan, will issue a new group strategy together with its full-year results.

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