Barclays is considering acquiring SocGen, a private bank in the UK

It is rumoured that Barclays is considering purchasing Kleinwort Hambros, the UK private bank owned by SocGen.

For its Kleinwort Hambros subsidiary, SocGen has started the auction process, according to sources cited by Reuters.

This, together with the sale of its private banking activities in Switzerland, suggests a possible change in the company's strategic orientation.

The London-based Kleinwort Hambros might be valued at up to £700 million in a sale and had more than £12 billion in assets under management in 2022.

According to Reuters, sources emphasised that negotiations were still in the early stages and that a sale was by no means assured.

If Barclays proceeds with the deal, it would come after the institution acquired Tesco Bank in an attempt to move away from the erratic investment market.

(Sources: investing.com, proactiveinvestors.co.uk, reuters.com)