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© Reuters. FILE PHOTO: A department of Barclays Financial institution is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls
(Reuters) – Britain’s Barclays (LON:) Plc mentioned on Wednesday it had almost doubled its stake in Barrenjoey Capital Companions to assist increase the Australia-based funding banking boutique’s enterprise.
The transfer comes as funding banking boutiques in Australia search to maneuver away from restrictive paperwork and shrinking bonuses at larger banks, by tapping purchasers who worth area of interest experience.
Barclays, Britain’s third-biggest financial institution by market worth, elevated its shareholding to 18.2% from 9.9% by subscribing A$75 million ($52.72 million) in new capital in Barrenjoey, which was fashioned by former UBS bankers and funded by Barclays and Magellan.
Australia is a crucial a part of its strategic development plans within the Asia Pacific area, Barclays mentioned in a press release.
The extra capital will probably be instrumental to assist development in Barrenjoey’s markets enterprise, which incorporates institution of mounted revenue derivatives and fairness financing platforms, within the subsequent half of the yr, Barclays added.
($1 = 1.4227 Australian {dollars})
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