BZW wins European lending
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BARCLAYS said yesterday that it was switching responsibility for lending to large companies in Continental Europe to its BZW investment banking subsidiary, writes Peter Rodgers.
This follows a switch of large company banking in the US to BZW earlier this year, and a similar move is under way with Asian customers.
But the bank denied the reorganisation was the result of a power struggle between the investment bank and the clearing bank.
Alastair Robinson, who runs Barclays' banking operations, said: 'I don't see a battleground. There is an entire logic to it.'
Mr Robinson gave a joint briefing with David Band, chief executive of BZW, at which they said BZW's investment banking services, combined with the ability to make conventional loans, would be used to persuade large companies in Continental Europe to use the group as its lead bank. About 300 corporate customers are likely to switch.
Barclays has sold its US factoring business, Barclays Commercial Corp, which has dollars 48m assets, to CIT Group Holdings.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments