Barclays to sell offshore trust arm
Barclays Wealth & Investment has struck a deal to sell its offshore trust and fiduciary business to an independent investor group.
The Barclays offshore trust business is based in Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore and Switzerland.
The purchaser, an independent investor group led by the Sarikhani and Nielsen families, is believed to have significant experience in building and operating financial services in the trust, financial planning and advisory sectors.
The value of the deal was not disclosed and Barclays will hold a minority stake in the business once the transaction receives regulatory approval.
Barclays will also continue to provide trust services from its onshore locations.
A statement from the bank read: ‘We can confirm that Barclays has agreed to sell its offshore trust and fiduciary businesses to an independent investor group.’
‘The decision to sell has been in train for some time and is consistent with Barclays Wealth and Investment Management’s strategy to become a simpler and more focused business.’