Barclays bumps up stake in Australia's Barrenjoey Capital




  • In Business
  • 2022-05-18 01:22:45Z
  • By Reuters
 

(Reuters) - Britain's Barclays Plc said on Wednesday it had nearly doubled its stake in Barrenjoey Capital Partners to help expand the Australia-based investment banking boutique's business.

The move comes as investment banking boutiques in Australia seek to move away from restrictive bureaucracy and shrinking bonuses at bigger banks, by tapping clients who value niche expertise.

Barclays, Britain's third-biggest bank by market value, increased its shareholding to 18.2% from 9.9% by subscribing A$75 million ($52.72 million) in new capital in Barrenjoey, which was formed by former UBS bankers and funded by Barclays and Magellan.

Australia is an important part of its strategic growth plans in the Asia Pacific region, Barclays said in a statement.

The additional capital will be instrumental to support growth in Barrenjoey's markets business, which includes establishment of fixed income derivatives and equity financing platforms, in the next half of the year, Barclays added.

($1 = 1.4227 Australian dollars)

(Reporting by Navya Mittal in Bengaluru; Editing by Subhranshu Sahu)

COMMENTS

More Related News

Australia census: Five ways the country is changing
Australia census: Five ways the country is changing

Big shifts are happening - the country is now more diverse, less religious, and increasingly millennial.

Australian firm pauses facial recognition trial over privacy concern
Australian firm pauses facial recognition trial over privacy concern
  • US
  • 2022-06-28 04:08:01Z

SYDNEY (Reuters) -Australia's second-biggest appliances chain said on Tuesday it was pausing a trial of facial recognition technology in stores after a...

Australian retail giants targeted in facial recognition tech complaint
Australian retail giants targeted in facial recognition tech complaint
  • US
  • 2022-06-27 04:58:48Z

A major consumer group has referred three of Australia's biggest retail chains to the privacy regulator, saying they use "unreasonably intrusive" facial...

Britain
Britain's Battered Economy Is Sliding Toward a Breaking Point
  • World
  • 2022-06-27 04:00:00Z

(Bloomberg) -- Britain under Prime Minister Boris Johnson is running into the biggest headwinds it's faced since the 1970s, heaping pain on an economy still ...

Nasa launches first rocket from Australian commercial spaceport
Nasa launches first rocket from Australian commercial spaceport

It is Nasa's first launch from a commercial site outside the US - and a landmark moment for Australia.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business