Barclays studying options for payments business - report
By Michele Maatouk
Date: Wednesday 07 Jun 2023
(Sharecast News) - Barclays is reportedly studying options for its global payments activities as a part of broader review into how it allocates resources.
Reuters cited two people familiar with the matter as saying that in recent weeks, Barclays has been sounding out consultants to analyse whether some of the payments businesses should be expanded or combined with other providers through a merger or joint venture.
The review, which is in its early stages and may not result in any change to the structure, will include the activities that issue bank cards and those that offer payment services for merchants, one of the people said.
Barclays has already engaged at least one major consultancy firm and may hire others to split assignments, this person said.
A Barclays spokesperson told Reuters: "Our three businesses continue to perform well and our business mix is robust - growing our global payments business is a priority for us."
Reuters cited a source as saying that the payments study comes as Barclays had also drafted Boston Consulting Group to conduct a strategy review of the entire banking group. Bloomberg News reported on the BCG assignment in May.
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