British banking giant Barclays is reportedly planning to sell offshore fiduciary services division, which offers fiduciary services to high-net-worth (HNW) clients and corporations.
The lender has hired advisers at Canaccord Genuity to sell the business, efinancialnews.com has reported.
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The division, which has annual earnings before interest, tax, depreciation and amortisation of £12 million, could fetch more than £100 million at auction, the publication reported citing two people familiar with the development.
With the move, Barclays will join the list of companies that sold their respective fiduciary businesses including offshore law firm Ogier’s £180 million sale of the fiduciary unit to UK private equity firm Electra Partners in February.
Barclays had acquired the unit which was named Walbrook Group from asset manager Hermes in 2007 and consolidated the company into its wealth advisory division.
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