Barclays (LON:BARC) has unveiled the board for its investment banking business, as it looks to comply with ringfencing rules requiring UK lenders to separate their retail divisions from riskier operations, with the purpose of a repeat of state-funded bailouts. The new rules are scheduled to come into force at the start of 2019.
Barclays’ share price has gained ground in London in today’s session, having added 1.87 percent to 211.90p as of 14:41 BST, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.06 percent lower at 7,412.20 points. The group’s shares have added more than 46 percent to their value over the past year, and are down by some five percent in the year-to-date.
Barclays announced the composition of the divisional Board of Barclays International yesterday, with the unit to become the lender’s non-ringfenced operation, responsible for oversight of the Corporate and Investment Bank and International Cards and Payments businesses. The FTSE 100 lender pointed out that the search for the board was led by its deputy chairman Sir Gerry Grimstone, who will also chair the BI board. Executive members meanwhile include Tim Throsby, who already currently leads the corporate and investment bank, and the division’s chief financial officer Emily Portney.
“The formation of the Barclays International Board is another important step in strengthening our corporate governance as we prepare for the stand-up of the ringfenced bank next year,” Sir Gerry Grimstone commented in a statement.
In analyst news, HSBC remains bullish on Barclays, having reiterated its ‘buy’ stance on the group yesterday, valuing the shares at 250p. According to MarketBeat, the company currently has a consensus ‘hold’ rating and an average price target of 231.24p. Barclays is scheduled to update investors on its interim performance on July 28.