 are reportedly considering merger with other rival banks including Standard Charter, according to the Financial Times.){kind=link}
Barclays (LON:BARC) are reportedly considering merger with other rival banks including Standard Charter, according to the Financial Times.
Barclays are said to have been exploring merger possibilities with Standard Charter, amid pressure from an investor with a considerable stake.
The FT said directors at the bank had engaged in “exploratory conversations” about potential agreements following pressure from Edward Bramson’s investment fund Sherborne, which has recently acquired a sizeable 5.4 percent stake in the bank.
The bank have yet to comment on the speculation. Meanwhile, a Standard Charter spokesperson said: “We are entirely focused on executing our strategy and do not comment on this type of speculation.”
The bank has been facing several fines and court cases in recent years, in part relating to a Qatar loan and PPI compensation.
Back in January, the Serious Fraud Office (SFO) charged Barclays for a $3 billion (£2.2 billion) loan given to Qatar back in 2008.
To avoid a government bailout, Barclays took a £12 billion loan from Qatar Holdings, which is under ownership by the state of Qatar.
Following the deal, Barclays loaned £2.3 billion back to Qatar Holdings.
The SFO concluded that the funds were used to directly and indirectly purchase Barclays shares, therefore deeming it “unlawful financial assistance”.
Nevertheless, the crown court recently dismissed the charges, in a boost to the British bank.
However, four former Barclays bankers are set to face trial in 2019.
Previous chief executive John Varley, an ex-senior investment banker Roger Jenkins, Thomas Kalaris, a former chief executive of the wealth division, and Richard Boath, the former European head of financial institutions, were all charged by the SFO over involvement with in the Qatari loan deal.
In addition, charges relating to mis-sold PPI have meant the bank has racked up a total £9.1 billion of costs relating to the issue.
Shares in Barclays are currently trading -0.83 percent as of 12.39 AM (GMT).