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.”