Mumbai : UK-based Barclays is not actively exploring a potential merger with rivals, according to sources, as speculation mounts about how the lender plans to defend itself against activist investor Edward Bramson.
On Wednesday, the Financial Times reported on Wednesday that Barclays’ senior board members were exploring a deal with another bank and chairman John McFarlane was keen on the idea of a possible combination with Standard Chartered.
“We are entirely focused on executing our strategy, and do not comment on this type of speculation,” a Standard Chartered spokesman said. Sources said no deal was in the works for Barclays and the bank had no plans to combine its operations with any of its rivals.
For Barclays, the newspaper said the moves were part of wide-ranging contingency plans being considered
in response to pressure from activist investor
Bramson, who has become one of its biggest shareholders.
CEO Jes Staley is betting that an aggressive push in investment banking will revitalize profits and dividends against a backdrop of dwindling competition from European rivals.
