After disposing off its non-core assets in Portugal for €175m (£128m, $189m) in early September, Barclays is now considering the sale of its investment banking business in Brazil and is open to talks with potential buyers. The move is part of the bank’s restructuring programme led by new chairman John McFarlane.
According to Sky News, some executives at the bank have started exploring options to exit from part of its remaining investment banking operations in Latin America and discussions are at a preliminary stage.
Barclays decision follows HSBC’s sale of its Brazilian unit to Bradesco, a Brazilian banking and financial services company, for £3.34bn ($5.07bn) in an all-cash acquisition. However, the businesses of HSBC and Barclays are different in Brazil.