Barclays to sell its UK Trust business
While an attractive business with strong growth potential, the UK Trust business is no longer central to Barclays’ strategy and was moved to Barclays Non-Core.
Clients of Barclays UK Trust business will become clients of ZEDRA upon completion of the transaction.
Transferring clients will then benefit from ZEDRA’s full product range. Barclays remains committed to providing its UK Trust customers and clients with a full level of service until the transfer occurs.
Niels Nielsen, ZEDRA CEO said: “This is an important strategic acquisition for us and we welcome the staff and clients of Barclays UK Trust business to the ZEDRA Group. The move adds to our UK capabilities and other services we already provide. This development marks another step in our growth plan offering clients a balanced and global geographic reach.”
The transaction is subject to regulatory approval. Terms of the sale are not disclosed. The sale is expected to have a minimal impact on Barclays’ reported financials. ■