UK-listed Barclays, parent of Barclays Wealth, is in talks to buy some of Citigroup’s retail-banking assets in Portugal, the Wall Street Journal said, citing anonymous sources.
A deal could be announced as early as next week, would include Citi’s credit card portfolio in Portugal and would likely amount to less than $100 million in value, the paper said.
The story made no mention of whether such a deal would affect the wealth management activities of Citigroup. Neither bank immediately returned emails from WealthBriefing on the matter.
Citigroup has been looking to raise capital and spin off non-core assets. The bank has already entered a brokerage joint venture with Morgan Stanley, spinning off its Smith Barney unit. Barclays, as one of the UK banks which has not called on taxpayer’s money, is seen as one of the stronger financial institutions able to enter select merger and acquisition deals.