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Barclays to sell off £4bn of assets

Barclays is considering the sale of a portfolio of credit assets worth £4bn in a bid to clean up its balance sheet and boost shareholder confidence.

The deal may echo a similar transaction it undertook last month with a £12.3bn risky credit market asset portfolio.

The deal saw 45 Barclays staff leave the bank and set up a company called C12 which took on the asset portfolio, codenamed Protium.

It is thought Barclays may replicate the Protium deal or sell off the £4bn collateralised loan obligations to a third-party buyer.

Barclays shares are up 140 per cent since January but the bank is concerned that the risk posed by these toxic assets is preventing share prices from rising further.

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