Overview
- Barclays has agreed to sell a 70% stake in its UK payments processing business to Brookfield Asset Management over a phased three-year period.
- The new standalone entity will see Barclays invest £400 million, retaining a 20% stake after Brookfield's acquisition is complete.
- The payments unit processes billions of pounds annually for UK small businesses and corporate clients, playing a critical role in the economy.
- Barclays's decision reflects a broader trend of banks exiting non-core operations amid declining valuations in Europe's payments sector.
- The bank confirmed that this transaction will not materially impact its financial guidance or targets.