LIBOR scandal-hit Barclays delays plans to sell India unit
Jul 14 2012, 15:55 | By CNBC-TV18
Indian unit of Barclays, the UK-based bank caught in the Libor scandal, may push back its plan to sell its retail business. CNBC-TV18 learns from sources that the July 10 deadline for the sale has been put on hold.
Barclays has pegged its retail portfolio at Rs 3,250 crore. Sources say Barclays Bank PLC (India) and Barclays Investment and Loan (India) Ltd are also up for sale.
Happy with the credit card deal, sources said StanChart is the frontrunner for Barclays' India retail business. StanChart had acquired 75% of Barclays' credit card business in December 2011.
Sources said state-owned State Bank of India had evaluated Barclay's retail unit but decided against buying it.
Both StanChart and Barclays refused to comment on a CNBC-TV18 query on the matter calling it a "market speculation".
Barclays last month agreed to pay USD 453 million to settle charges that it manipulated Libor, the London interbank offered rate, which is compiled from estimates by large international banks of how much they believe they have to pay to borrow from each other.
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