Barclays has emerged as a surprise bidder for stockbroking firm TD Direct Investing in a bid to rival retail investing giant Hargeraves Lansdown.
Sky News reports Barclays has put in a bid for the TD business and is among a small number of firms looking to acquire the firm. TD Direct Investing is being sold off by parent company TD Bank.
Barclays has an existing stockbroking business, Barclays Stockbrockers, which it wants to combine with TD Direct.
Barclays appointed a new chief executive last year, hiring former JP Morgan boss Jes Staley, and this would be the business’s first acquisition since his appointment.