LONDON (Alliance News) - Barclays PLC on Thursday said it has agree to sell its UK Trust business to trust, corporate and fund services provider ZEDRA for an undisclosed amount.
Barclays said that, while the UK Trust business is "attractive" and has "strong growth potential", it is no longer considered central to the bank's strategy and was moved into the Barclays Non-Core division of assets to be sold off.
"The sale of the UK Trust business represents further progress in reducing the portfolio of Barclays Non-Core. In 2016 alone we have agreed the sale of Barclays Bank Egypt, our Asian Wealth and Southern Europe cards businesses, completed the sale of our Portuguese retail bank and entered exclusive discussions for the potential sale of our French retail network," said Harry Harrison, the head of Barclays Non-Core.
Shares in Barclays were up 1.0% at 174.20 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Barclays (BARC)
