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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Barclays considers toxic asset scheme AFP - Tuesday, March 17 LONDON (AFP) - - Barclays bank said Monday it was in talks over the sale of its asset management business iShares and was negotiating with the British government on a plan to provide guarantees for risky assets. ADVERTISEMENT Barclays said it had approached "a number of potentially interested parties" about selling iShares but added that "no decision regarding the disposal of any business has been taken." Reports said the sale could raise four billion pounds (4.4 billion euros, 5.6 billion dollars). Barclays' share price jumped 13.5 percent early Monday. On the toxic assets, a statement said: "Barclays also confirms that it is in dialogue with HM Treasury and FSA (Financial Services Authority) regarding its potential participation in the Government's Asset Protection Scheme. "Barclays' decision whether and to what extent to participate in the scheme will be based on the economic merits to shareholders of any such participation." Barclays has fared better in the financial crisis than many of its British banking rivals and has not accepted bailout funds from the British state. Instead it sought funds from investors in Abu Dhabi and Qatar to bolster its finances. "The sale talks are somewhat of a surprise as management had indicated this business as being core to (the) group for several years now," said Collins Stewart analyst Alex Potter. "However, tough markets evidently lead to tough decisions being taken." In response to Monday's announcements, the share price of Barclays rocketed 13.5 percent to 84.1 pence in early trade on London's FTSE 100 index, which was up 1.24 percent at 3,800.04 points. Barclays last month posted healthy 2008 profits but ruled out paying bonuses to top directors amid mounting public anger about banking sector pay in recession-hit Britain. Barclays overcame writedowns and losses of 8.1 billion pounds last year to post net profits that were only slightly below the level of 2007. Net profit, boosted by one-off gains including the acquisition of the North American operations of bankrupt Lehman Brothers, eased one percent to 4.382 billion pounds in 2008. That was far higher than market expectations for net profit of 3.53 billion pounds. Also in February, Barclays closed US subprime mortgage lending unit EquiFirst Corp. with immediate effect, citing current market conditions. The British bank had bought EquiFirst Corporation for about 225 million dollars from parent group Regions Financial Corporation in a takeover that completed in March 2007. That was before the collapse of the US subprime or high-risk mortgage sector and the subsequent worldwide credit crunch. Barclays has not received direct state capital in a bid to boost its fortunes but it has benefited from state guarantees and liquidity from the Bank of England. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A branch of Barclays Bank in north London, pictured in 2006. Barclays bank said Monday it was in talks over the sale of its asset management business iShares and was negotiating with the British government on a plan to provide guarantees for risky assets. Most Popular – Top Stories Viewed Arrest warrant issued for Lindsay Lohan Twin boys for Charlie Sheen and wife Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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