Barclays is to gain a share from Deutsche Bank’s prime brokerage business, sources have confirmed.
This follows the CEO of Deutsche Bank’s, announcement which indicated negotiations are on track for the sale of Deutsche Bank’s prime finance and electronic equities platform to BNP Paribas.
The negotiation with BNP Paribas came after Deutsche Bank said it is to exit its equities sales and trading business, while retaining a focused equity capital markets operation, as part of a radical transformation.
Meanwhile, it was recently reported that Barclay’s balances in prime financing grew by some $20 billion over the last month.
Jes Staley, Barclays Group chief executive, commented: “It’s a very attractive business. Its interest accrual business, you earn revenue on Saturdays and Sundays, and so it’s a very important part of one’s overall markets business and we have a very strong franchise in prime brokerage, and we look forward to growing it in the future.”
Deutsche Bank declined to comment.
