This archive report was first published on 30 July 2019.
Published on July 30, 2019, Barclays is seeking to acquire a significant portion of Deutsche Bank's prime finance business, worth up to Sh2 trillion ($20 billion). This move is part of the British lender's plans to become Europe's premier investment bank and compete more strongly with US rivals.
Following its victory over activist shareholder Edward Bramson, who failed in his bid to dismantle Barclays' trading operations, the bank is now focusing on building its business serving hedge funds. Barclays declined to comment on the matter.
Deutsche Bank had announced plans to axe its equities trading business as part of a major restructuring, with BNP Paribas signing a preliminary deal to serve impacted clients. However, some of Deutsche Bank's clients are weighing alternatives to shifting their business to the French bank, with Barclays emerging as a potential beneficiary.
According to sources, the $20 billion worth of client business in Barclays' sights includes around Sh1 trillion ($10 billion) with one client who has already decided to shift its activities to the British bank. This move is seen as a temporary measure while discussions with BNP Paribas are ongoing.
