Barclays unveils cash bid for Gerrard.
Global Banking News - 12 May 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Barclays Plc (LSEL BARC), considered to be the third largest bank in the UK, has said that it is planning for a cash bid for Gerrard, a fund management company.
The bank is planning to buy Gerrard from South African financial services group Old Mutual. The transaction is worth GBP210m in cash. The deal is subject to regulatory approval and is expected to be completed by the end of the year.
It is believed that the association will create one of UK's largest private client investment management companys with GBP21.4bn of assets under management. Gerrard already has assets worth GBP12.5bn under management.
A spokesman for Barclays Plc said, 'This transaction advances the delivery of one of Barclays' strategic priorities, which is to build a leading UK and European wealth and asset management business.'
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|Publication:||Global Banking News (GBN)|
|Date:||May 12, 2008|
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