View more on these topics

Barclays in talks to sell commercial service arm

Barclays is in talks to sell its commercial mortgage servicing arm, Barclays Capital Mortgage Servicing, Money Marketing understands.

It is understood that Barclays has already had a number of bids for the business and at least one bid has been rejected.

BCMS, which provides asset management and surveillance services, was formed in December 2004 to provide loan servicing for commercial investment property transactions.

The most recent evaluation from Fitch Ratings in November shows that BCMS’ UK servicing portfolio totalled £6.8bn, including 80 loans secured against 1,251 commercial properties.

Last month, Money Marketing revealed the bank had decided to close its advice arm, Barclays Financial Planning.

The bank said it is no longer financially viable to offer advice through its branch network but it will look to offer an online execution-only service to retail clients. Barclays Wealth will continue to offer advice to high-net-worth clients. Barclays Capital refused to comment on BCMS.

HML director of marketing Julian Wells says: “Mortgage admin is a specialist activity and, in the current climate, some businesses are concentrating on their core competencies.”

Recommended

1

L&G holds annual with-profit bonus rates for 200,000 customers

Legal & General has held annual bonus rates on its conventional with-profits funds despite assets returning 12.8 per cent over the year. A spokesman says around 200,000 of the insurer’s 660,000 with-profits customers hold a conventional policy. He says the decision will allow the firm to “maintain flexibility” when investing in equities and property. L&G […]

The moving baseline

Interest rates are staying where they are for now but for how much longer? Some fixed-income managers are already positioning their funds for what they believe is an inevitable increase. Gregor Watt reports

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment