Barclays’ group FD has praised a decision to sell off a major arm of the
business to a US company.
As the banking heavyweight prepared to offload the UK and Germany arms of its
vendor finance businesses to finance company CIT Group Inc, Barclays group FD
Naguib Kheraj, said: ‘This transaction leaves Barclays Asset & Sales Finance
well positioned for its future development.
‘Significant investment will be focused on its core asset and sales finance
business including the ongoing expansion of its successful direct leasing
business. The future strategy of the vendor finance businesses is now best
pursued within a specialised leading global provider of asset finance
The gross assets of the UK and German operations, which provide asset finance
to customers of manufacturers and suppliers in the industrial equipment and
technology markets came to approximately £1.1bn as at 30 June, 2006, about 12%
Barclays’ total gross assets.
Almost 60% of the assets to be sold came from UK activities, with the balance
The completion of the sale is depends on clearance from the relevant
regulatory authorities and is expected to close at the end of 2006.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars