Investing
Barclays eyes SocGen’s UK private bank, sources say
© Reuters. FILE PHOTO: A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo
By Pablo Mayo Cerqueiro, Andres Gonzalez and Oliver Hirt
LONDON/ZURICH (Reuters) – Barclays is in the early stages of considering a bid for Societe Generale (OTC:)’s UK private bank, in an effort to expand its business targeting wealthy individuals, three people familiar with the matter told Reuters.
SocGen, advised by Rothschild & Co, has begun inviting bidders to take part in an auction for its Kleinwort Hambros unit, two of the people said.
The French group is also readying a sale of its private banking operations in Switzerland as it looks to shed businesses in a strategy revamp, they said.
London-based Kleinwort Hambros, which in 2022 had more than 12 billion pounds ($15 billion) in assets under management, could be worth up to 700 million pounds in a sale, one of the people estimated.
Among those invited to bid for the unit are Lloyds Banking Group (LON:), as well as wealth managers Rathbones and Raymond James, two of the people and a fourth one said.
Rathbones has decided not to participate in the process, a person familiar with its thinking said.
Deliberations remain at a preliminary stage, and there is no certainty that a transaction will materialise, sources cautioned.
Barclays and SocGen both declined to comment.
Barclays’ interest in SocGen’s British private bank comes on the heels of its acquisition of Tesco (OTC:)’s banking operations, as part of efforts to diversify away from volatile investment banking income.
The British bank, led by CEO C.S. Venkatakrishnan, is set to announce a new group strategy on Feb. 20 alongside its full-year results.
($1 = 0.7969 pounds)
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