Rumours around Barclays wanting to buy a Swiss private bank have been around for some time, but the UK-based bank might be getting that much...

Rumours around Barclays wanting to buy a Swiss private bank have been around for some time, but the UK-based bank might be getting that much closer to doing so. Bob Diamond, president of the UK’s third largest bank, said at this week’s Reuter’s Corporate Finance Summit that acquisitions were being planned. Specifically, Mr Diamond named the Swiss wealth management sector, Indian and China as where acquisitions are likely to take place. Barclays are known to have had talks with a number of Swiss banks, including Union Bancaire Privee, but so far nothing has come of any of these. Earlier comments by Mr Diamond suggest wealth management has been highlighted as a priority area for expansion – and may be even a bit of a shake-up. The announcement this week that Mike Pedersen was to take a one year sabbatical might be part of this shake-up, say analysts. But what about an acquisition? It appears that Barclays is getting closer to doing one – before the end of the year, possibly?