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Barclays contemplating SocGen UK private bank takeover

Published 15/02/2024, 11:41
© Reuters. Barclays contemplating SocGen UK private bank takeover

Proactive Investors - Barclays (LON:BARC) is said to be mulling the acquisition of SocGen's UK private bank, Kleinwort Hambros.

SocGen has initiated an auction process for its Kleinwort Hambros unit, according to sources quoted by Reuters.

This is in addition to the sale of its Swiss private banking operations, signalling a potential shift in strategic direction.

London-based Kleinwort Hambros had more than £12 billion in assets under management in 2022 and could be worth up to £700 million in a sale

Lloyds (LON:LLOY), Rathbones, and Raymond James are also said to have been invited to participate in the bidding process.

Reuters added that sources stressed talks were only at a preliminary stage, with a sale far from guaranteed.

However, were the acquisition to go ahead by Barclays, it would follow the lender’s takeover of Tesco (LON:TSCO) Bank, which marked a bid to diversify from the volatile investment market.

Read more on Proactive Investors UK

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